New York manufacturing activity has contracted at a significantly accelerated rate in the month of March, according to a report released by the Federal Reserve Bank of New York on Friday.
The New York Fed said its general business conditions index plunged to a negative 20.9 in March from a negative 2.4 in February, with a negative reading indicating contraction. Economists had expected the index to decrease to a negative 7.0.
The steep drop by the headline index partly reflected an accelerated contraction in new orders, as the new orders index tumbled to a negative 17.2 in March from a negative 6.3 in February.
The report also showed the shipments index slumped to a negative 6.9 in March from a positive 2.8 in February, indicating a downturn by shipments.
Suggesting a decrease in employment, the number of employees index also slid to a negative 7.1 in March from a negative 0.2 in February.
The report also said the prices paid index fell to 28.7 in March from 33.0 in February, while the prices received index crept up to 17.8 in March from 17.0 in February.
Looking ahead, the New York Fed said firms expect conditions to improve over the next months, although optimism remains subdued, with the index for future business conditions inching up to 21.6 in March from 21.5 in February.
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