New York Fed manufacturing index falls sharply in February

By Ovunc Kutlu

ISTANBUL (AA) - The New York Fed manufacturing index contracted sharply in February after diving into negative territory in December, according to a report released Wednesday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, plummeted a massive 19 points to -24.6, according to the report by the Federal Reserve Bank of New York.

The market expected the index to come in at -8. The index stood at -5.8 in January.

Readings above zero indicate improving conditions while below that show worsening conditions.

"Both employment and hours worked declined for a second consecutive month," the New York Fed said in a statement.

"Looking ahead, businesses expect little improvement in conditions over the next six months," it added.