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Financial News: New York Manufacturing Index Unexpectedly Plunges Into Neg

New York Manufacturing Index Unexpectedly Plunges Into Negative Territory

03/16/2020 - 08:38:00 (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.

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