New York Factory Activity Unexpectedly Contracts as Orders Stall
A worker removes glass from an oven at a glassworks in the Brooklyn borough of New York.
Photographer: Stephanie Keith/BloombergNew York state factory activity unexpectedly shrank in December after two solid months of growth as orders stalled and shipments retreated.
The Federal Reserve Bank of New York’s general business conditions index decreased by about 23 points to minus 3.9, figures issued Monday showed. Readings below zero indicate contraction, and the median estimate in a Bloomberg survey of economists was for a reading of 10.