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New York Manufacturing Index Drops More Than Expected In October
(RTTNews) - A report released by the Federal Reserve Bank of New York on Monday showed regional manufacturing activity has contracted by more than expected in the month of October.
The New York Fed said its general business conditions index slid to a negative 9.1 in October from a negative 1.5 in September, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to dip to a negative 4.0.
Looking ahead, the New York Fed said firms do not expect business conditions to improve over the next six months.
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