After reporting a significant rebound in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing a substantial downturn in activity in the month of December.
The New York Fed said its general business conditions index plunged to a negative 14.5 in December after surging to a positive 9.1 in November, with a negative reading indicating a contraction. Economists had expected the index to fall to a positive 2.0.
Meanwhile, firms were more positive about the outlook for activity, with the index for future business conditions jumping to a positive 12.1 in December from a negative 0.9 in November.
