Following a significant turnaround in the previous month, the Federal Reserve Bank of New York released a report on Tuesday showing regional manufacturing activity has returned to contraction in the month of October.
The New York Fed said its general business conditions index tumbled to a negative 11.9 in October from a positive 11.5 in September, with a negative reading indicating contraction. Economists had expected the index to decrease to a positive 2.3.
Despite the downturn in October, the New York Fed said optimism about the six-month outlook grew strongly, with the index for future business activity jumping to a multi-year high of 38.7 in October from 30.6 in September.
At 11:30 am ET, San Francisco Federal Reserve President Mary Daly is due to speak and participate in a moderated conversation at an event hosted by the New York University Stern School of Business.
Federal Reserve Board Governor Adriana Kugler is scheduled to participate in a moderated discussion before the “Exploring Careers in Economics” webcast conference at 1 pm ET.
At 7 pm ET, Atlanta Federal Reserve President Raphael Bostic is due to participate in a moderated conversation on the economic outlook and the impact on small business with the Gathering Spot.