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New York manufacturing cools in March

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New York manufacturing cools in March

New York Fed survey badly misses expectations.

Manufacturing activity in New York unexpectedly fell in March, according to the results of the New York Fed’s monthly survey of manufacturers.

The General Business Conditions index fell to 6.9 during the month, following a 7.78 reading in February.

Analysts had expected an increase to 8.0.

Leading the decline was the New Orders index, which fell to -2.39 from 1.22 the prior month.  This is the lowest reading since late 2013.

On the positive side, the employment and future business conditions indices both advanced, the former coming in at 18.56 compared to 10.11 in February, with the latter increasing from 25.58 in February to 30.72 in March.

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