WASHINGTON (dpa-AFX) - New York manufacturing activity has unexpectedly seen a substantial contraction in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday.
The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July, with a negative reading indicating a contraction in regional manufacturing activity.
Economists had expected the index to show a much more modest decrease to a positive 8.5.
Looking ahead, the New York Fed said firms did not expect much improvement in business conditions over the next six months.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
