The Federal Reserve Bank of New York released a report on Thursday showing a contraction n regional manufacturing activity in the month of December.
The New York Fed said its general business conditions index tumbled to a negative 11.2 in December from a positive 4.5 in November, with a negative reading indicating a contraction. Economists had expected the index to drop to a negative 1.0.
Looking ahead, the New York Fed said firms expect some improvement in business conditions over the next six months but noted optimism was very subdued.
