Manufacturing activity in New York took a sharp downward turn in the month of June, according to a report released by the Federal Reserve Bank of New York on Monday, with the index of activity in the sector showing a record monthly decline.
The New York Fed said its general business conditions index plunged to a negative 8.6 in June from a positive 17.8 in May, with a negative reading indicating a contraction in manufacturing activity. Economists had expected the index to drop to a positive 10.0.
With the much bigger than expected decrease, the general business conditions index recorded its first negative reading in over two years.
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