A report released by the Federal Reserve Bank of New York on Monday showed an unexpected downturn by regional manufacturing activity in the month of December.
The New York Fed said its general business conditions index plunged to a negative 3.9 in December from a positive 18.7 in November, with a negative reading indicating contraction. Economists had expected the index to fall to a positive 10.6.
The steep drop by general business conditions index came a month after it surged to its highest level in a year.
Meanwhile, the New York Fed said firms have become more optimistic conditions will improve over the next six months, with the future general business conditions index jumping to 35.7 in December from 19.1 in November.
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