A report released by the Federal Reserve Bank of New York on Friday showed a notable slowdown in the pace of growth in regional manufacturing activity in the month of October.
The New York Fed said its general business conditions index tumbled to 19.8 in October from 34.3 in September, although a positive reading still indicates growth. Economists had expected the index to pull back to 27.0.
The steep drop by headline index came as the new orders index slumped to 24.3 in October from 33.7 in September, while the shipments index plunged to 8.9 from 26.9.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.