FOREX TradingCharts.com

Financial News: New York Manufacturing Activity Unexpectedly Contracts In

New York Manufacturing Activity Unexpectedly Contracts In March

03/16/2020 - 09:56:00 (RTTNews)

(RTTNews) - New York manufacturing activity unexpectedly contracted in the month of March, 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 plunged to a negative 21.5 in March from a positive 12.9 in February, with a negative reading indicating a contraction in regional manufacturing activity.

Economists had expected the general business conditions index to show a much more modest decrease and remain positive at 4.0.

The steeper than expected represented the largest point decrease on record and dragged the index down to its lowest level since 2009.

The sharp decline by the headline index came as the new orders index plummeted to a negative 9.3 in March from a positive 22.1 in February and the shipments index tumbled to a negative 1.7 from a positive 18.9 percent.

The number of employees index also slumped to a negative 1.5 in March from a positive 6.6 in February, indicating employment levels were little changed over the month.

The report also said the prices paid index edged down to 24.5 in March from 25.0 in February, while the prices received index slid to 10.1 from 16.7.

Looking ahead, the New York Fed said optimism about the six-month outlook fell sharply, with firms less optimistic than they have been since 2009.

The index for future business conditions plunged to 1.2 in March from 22.9 in February, suggesting firms no longer expect general business conditions to be better over the next six months.

A note from economists at Oxford Economists said the New York Fed's report is likely to be the first of many indicators signaling economic activity has slowed sharply in the wake of the coronavirus outbreak.

"We are not surprised to see the index measuring manufacturing firms' expectations also plunge to their lowest since the financial crisis - it's hard to expect anything other than pessimism from manufacturers given the current backdrop," the economists said.

"Coronavirus represents a multi-layered shock that will cause supply disruptions, choke off demand and tighten financial conditions," they added. "We expect manufacturing to remain in a slump over the coming months."

On Thursday, the Philadelphia Fed is scheduled to release its report on regional manufacturing activity in the month of March. The Philly Fed Index is currently expected to drop to 28.0 in March from 36.7 in February.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


China Inflation Slows To 4.3% In March (33 min(s), 16 sec(s) ago)
(RTTNews) - Consumer prices in China were up just 4.3 percent on year in March, the National Burea ...Full Story»

Japan Overall Bank Lending Rises 2.0% In March (03 min(s), 16 sec(s) ago)
(RTTNews) - Overall bank lending in Japan was up 2.0 percent on year in March, the Bank of Japan s ...Full Story»

Japan Producer Prices Sink 0.9% In March (48 min(s), 16 sec(s) ago)
(RTTNews) - Producer prices in Japan were down 0.9 percent on month in March, the Bank of Japan sa ...Full Story»

China Inflation Data Due On Friday (48 min(s), 16 sec(s) ago)
(RTTNews) - China will on Friday release March figures for consumer and producer prices, highlight ...Full Story»

Powell Expects 'Robust' Economic Recovery When Coronavirus Is Contained (16 min(s), 16 sec(s) ago)
(RTTNews) - Despite the havoc being wreaked on the world by the coronavirus outbreak, Federal Rese ...Full Story»

NIESR Sees UK GDP Contraction Of 15-25% In Q2 On Covid-19 (14 min(s), 16 sec(s) ago)
(RTTNews) - The UK economy would be plunged into a severe recession in the second quarter if the l ...Full Story»

ECB Minutes: Members Saw Need For Bold, Decisive Action Against Covid-19 Shock (41 min(s), 16 sec(s) ago)
(RTTNews) - ECB policymakers agreed that there was need for decisive action to support the euro ar ...Full Story»

U.S. Wholesale Inventories Slump More Than Expected In February (31 min(s), 16 sec(s) ago)
(RTTNews) - Reflecting decreases in inventories of both durable and non-durable goods, the Commerc ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

China Inflation Slows To 4.3% In March

04/09/2020 - 21:45 PM (RTTNews)
(RTTNews) - Consumer prices in China were up just 4.3 percent on year in March, the National Burea ...Full Story>>

Japan Overall Bank Lending Rises 2.0% In March

04/09/2020 - 20:15 PM (RTTNews)
(RTTNews) - Overall bank lending in Japan was up 2.0 percent on year in March, the Bank of Japan s ...Full Story>>

Japan Producer Prices Sink 0.9% In March

04/09/2020 - 20:00 PM (RTTNews)
(RTTNews) - Producer prices in Japan were down 0.9 percent on month in March, the Bank of Japan sa ...Full Story>>

China Inflation Data Due On Friday

04/09/2020 - 18:00 PM (RTTNews)
(RTTNews) - China will on Friday release March figures for consumer and producer prices, highlight ...Full Story>>

Powell Expects 'Robust' Economic Recovery When Coronavirus Is Contained

04/09/2020 - 11:28 AM (RTTNews)
(RTTNews) - Despite the havoc being wreaked on the world by the coronavirus outbreak, Federal Rese ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.