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 Tuesday.
The New York Fed said its general business conditions index tumbled to a negative 11.8 in March from a positive 3.1 in February, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to dip to a positive 7.0.
With the much bigger than expected decrease, the general business conditions index dropped to its lowest level since May 2020.
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