(RTTNews) - Following a significant turnaround in the previous month, the Federal Reserve Bank of New York released a report on Tuesday showing regional manufacturing activity has returned to contraction in the month of October.
The New York Fed said its general business conditions index tumbled to a negative 11.9 in October from a positive 11.5 in September, with a negative reading indicating contraction. Economists had expected the index to decrease to a positive 2.3.
Despite the downturn in October, the New York Fed said optimism about the six-month outlook grew strongly, with the index for future business activity jumping to a multi-year high of 38.7 in October from 30.6 in September.
