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New York Manufacturing Index Unexpectedly Turns Negative In August

New York manufacturing activity has unexpectedly seen a substantial contraction in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July, with a negative reading indicating a contraction in regional manufacturing activity.

Economists had expected the index to show a much more modest decrease to a positive 8.5.

Looking ahead, the New York Fed said firms did not expect much improvement in business conditions over the next six months.

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