Manufacturing activity in the New York area suffered a setback in August, according to the New York Federal Reserve.
The general business conditions index declined by 42 points, to minus 31.3 in August, data from the Fed’s Empire State Manufacturing Survey results for August show. This is the second biggest monthly decline in the index’s history and also one of its lowest levels. A reading below zero is an indication of contraction.
The proportion of respondents reporting weaker business conditions over the month was 43.6 percent, which is almost double the 22.6 percent reported in July. Only 12.2 percent reported improvement in business conditions….