Business activity for New York manufacturers unexpectedly declined in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday, with the index of regional manufacturing activity falling to a six-year low.
The New York Fed said its general business conditions index tumbled to a negative 14.9 in August from a positive 3.9 in July, with a negative reading indicating a contraction in manufacturing activity.
The sharp drop came as a surprise to economists, who had expected the index to climb to a positive reading of 4.8.
With the unexpected decrease, the general business conditions index fell to its lowest level since hitting a negative 19.4 in April of 2009.
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