New York's manufacturing sector has taken a significant downturn, with the regional business activity index plummeting to a mere +0.2 in December. This figure, reported by the Federal Reserve Bank of New York, starkly contrasts with economists' expectations of +10.0, following a previous month's robust +31.2.

Conversely, the broader US economy showed signs of resilience. According to S&P Global, the composite PMI for both manufacturing and services sectors climbed to 56.6 from November's 54.9, signaling continued economic expansion as readings above 50 indicate growth.