New York Manufacturing Index Unexpectedly Turns Negative In January

(RTTNews) - New York manufacturing activity unexpectedly declined in the month of January, according to a report released by the Federal Reserve Bank of New York on Wednesday.

The New York Fed said its general business conditions index slumped to a negative 12.6 in January from a positive 2.1 in December, with a negative reading indicating contraction. Economists had expected the index to inch up to a positive 3.0.

Meanwhile, the New York Fed said firms grew more optimistic conditions would improve in the months ahead, with the index for future business activity jumping to 36.7 in January from 26.9 in December.