(RTTNews) - The Federal Reserve Bank of New York released a report on Tuesday showing its reading on regional manufacturing activity fell by much more than expected in the month of September but still indicated growth. The New York Fed said its general business conditions index slumped to 7.6 in September from 20.6 in August. While a positive reading still indicates growth, economists had expected the index to show a more modest decrease to 14.1. The much sharper-than-expected pullback by the index came a month after it jumped to its highest level in over four years. A downturn in shipments weighed on the headline index, with the shipments index tumbling to a negative 3.2 in September from a positive 11.7 in August.
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