FX.co ★ New York Manufacturing Index Unexpectedly Turns Negative In January

In an unexpected turn, manufacturing activity in New York saw a decline in January, as reported by the Federal Reserve Bank of New York on Wednesday. The general business conditions index dropped to -12.6 for January, a significant fall from December's reading of 2.1. A negative value indicates contraction, contrary to economists' forecasts which had anticipated a slight increase to 3.0. However, there is a silver lining as firms expressed greater optimism about future conditions. The index for future business activity surged to 36.7 in January, rising from December's 26.9.