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New York Manufacturing Index Drops More Than Expected In August

Signaling a slower pace of growth, the New York Federal Reserve released a report on Monday showing a much bigger than expected decrease by its index of regional manufacturing activity in the month of August.

The New York Fed said its general business conditions index tumbled to 3.7 in August from 17.2 in July, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to dip to 15.0.

Looking ahead, firms remained optimistic that conditions would improve over the next six months, though optimism fell for a second consecutive month.

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