Mumbai, Sept. 16 -- A report released by the Federal Reserve Bank of New York on Monday showed a substantial downturn by New York manufacturing activity in the month of September.
The New York Fed said its general business conditions index plunged to a negative 8.7 in September from a positive 11.9 in August, with a negative reading indicating contraction.
The index tumbled into negative territory for the first time since June after hitting its highest level since November 2024 in the previous month.
The much sharper-than-expected pullback by the headline index partly reflected significant downturns by new orders and shipments.
The report said the new orders index plummeted to a negative 19.6 in September from a positive 15.4 in August,...