New York Manufacturing Index Unexpectedly Slides Further Into Negative Territory

New York manufacturing activity has seen a significant contraction in the month of January, according to a report released by the Federal Reserve Bank of New York on Tuesday.

The New York Fed said its general business conditions plunged to a negative 32.9 in January from a negative 11.2 in December, with a negative reading indicating a contraction. Economists had expected the index to climb to a negative 4.5.

Looking ahead, the New York Fed said firms expect little improvement in business conditions over the next six months.