New York Manufacturing Index Pulls Back Sharply In December

(RTTNews) - After reporting a sharp increase by its reading on regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing a sharp pullback by the index in the month of December.

The New York Fed said its general business conditions index plummeted to 0.2 in December after spiking to 31.2 in November, although a positive reading still indicates growth. Economists had expected the index to tumble to 12.0.

Looking ahead, the New York Fed said firms remained fairly optimistic conditions would continue to improve in the months ahead, but the index for future business activity slid to 24.6 in December from 33.2 in November.