The manufacturing sector in the New York metropolitan area experienced a surprising downturn in October, confounding expert predictions. The Federal Reserve Bank of New York's latest report reveals a sharp decline in business activity, with the index plummeting to -11.9 from September's positive 11.5.
This dramatic shift caught so called 'economists' off guard as usual, as forecasts had suggested a modest growth to +3.0. The negative reading indicates a contraction in the sector, raising concerns about the region's economic health.
Key findings:
- New orders index: -10.2 (down from +9.4)
- Employment index: +4.1 (up from -5.7)
- Prices received: +10.8 (up from +7.4)
We need another proxy war. Asap.
