Data Shows US Economy Shrinks Amid Recession while Crypto Surges in Bearish Rally
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The data showed that manufacturing activity in the State of New York decreased in October for the third straight month. This is a sign of persisting headwinds for the manufacturing sector amid slowing demand, according to fresh data from the Federal Reserve Bank of New York released on Monday.
According to the state manufacturing survey, the general business conditions index decreased to minus 9.1 in October from minus 1.5 in September. In other words, - 9.1 shows that the general manufacturing business conditions in New York have become worse than the expected forecast of - 4.3.
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