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Financial News: New York Manufacturing Index Slumps Much More Than

New York Manufacturing Index Slumps Much More Than Expected In March

03/15/2024 - 08:40:00 (RTTNews)

(RTTNews) - New York manufacturing activity has contracted at a significantly accelerated rate in the month of March, according to a report released by the Federal Reserve Bank of New York on Friday.

The New York Fed said its general business conditions index tumbled to a negative 20.9 in March from a negative 2.4 in February, with a negative reading indicating contraction. Economists had expected the index to decrease to a negative 7.0.

Looking ahead, the New York Fed said firms expect conditions to improve over the next months, although optimism remains subdued, with the index for future business conditions inching up to 21.6 in March from 21.5 in February.

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