Business activity in the New York manufacturing sector saw substantially slower growth in the month of December, according to a report released by the Federal Reserve Bank of New York on Monday.
Source: www.rttnews.com
New York’s manufacturing sector witnessed a slowdown in December as per the Federal Reserve Bank of New York. The general business conditions index plunged to 10.9 in December from 23.3 in November. These results were far below economist estimates of 20.0. This steep drop by the headline index was partly due to a slowdown in the pace of shipment growth. New York’s shipment index tumbled to 21.0 in December from 28.0 in November. The new orders index also dropped to 14.5 in December from 20.4 in November.
