In a surprising turn of events, the business activity within the manufacturing sector in the greater New York area experienced a substantial decline in December. The General Business Activity Index, determined by the Federal Reserve Bank of New York, plummeted to a staggering -14.5. Economists surveyed by Dow Jones Newswires had anticipated a milder decrease to +4.0, marking a significant deviation from the previous month's index of +9.1.

This downturn raises questions about the resilience of the local manufacturing industry and its potential impact on the broader economic landscape. Additionally, it's crucial to note that the US industrial production saw a marginal increase of 0.2% in November, slightly below the economists' forecast of 0.3%.