New York Manufacturing Index Rebounds More Than Expected In April

(RTTNews) - New York manufacturing activity has declined modestly in the month of April, the Federal Reserve Bank of New York revealed in a report released on Tuesday.

The New York Fed said its general business conditions index jumped to a negative 8.1 in April after plunging to a negative 20.0 in March, although a negative reading still indicates contraction. Economists had expected the index to rise to a negative 14.5.

Looking ahead, the New York Fed said firms expect conditions to worsen in the months ahead, with the index for future business activity plunging to a negative 7.4 in April from a positive 12.7 in March.