Economic Buzz: New York Manufacturing Activity Tumbles In March

16 Mar 2022 , 08:34 AM

New York manufacturing activity unexpectedly contracted in the month of March, according to a report released by the Federal Reserve Bank of New York on Tuesday. The New York Fed said its general business conditions index tumbled to a negative 11.8 in March from a positive 3.1 in February, with a negative reading indicating a contraction in regional manufacturing activity. With the much bigger than expected decrease, the general business conditions index dropped to its lowest level since May 2020. The decline by the headline index came as the new orders index slumped to a negative 11.2 in March from a positive 1.4 in February and the shipments index slid to a negative 7.4 in March from a positive 2.9 in February. The number of employees index also fell to 14.5 in March from 23.1 in February, indicating a slowdown in the pace of job growth.

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