Manufacturing activity in the New York region contracted in March, for the first time since mid-2020, according to the indicator released on Tuesday by the regional chapter of the Federal Reserve (Fed).
The index that measures overall activity fell 15 points to -11.8 points, its worst level since May 2020. Passing below the zero barrier indicates that activity was lower than in the previous month.
Analysts expected an increase of nine points instead.
“New orders and deliveries decreased slightly, while unfinished orders increased. Distribution delays continued to increase and inventories expanded,” said the New York Fed.
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