After reporting a significant rebound in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing a substantial downturn in activity in the month of December.

The New York Fed said its general business conditions index plunged to a negative 14.5 in December after surging to a positive 9.1 in November, with a negative reading indicating a contraction. Economists had expected the index to fall to a positive 2.0.

The sharp pullback by the index was partly due to an accelerated contraction in new orders, as the new orders index slumped to a negative 11.3 in December from a negative 4.9 in November.

The report also showed a notable downturn by shipments, with the shipments index tumbling to a negative 6.4 in December from a positive 10.0 in November.

The number of employees index also slid to a negative 8.4 in December from a negative 4.5 in November, indicating an accelerated contraction in employment.

The New York Fed said the prices paid index also fell to 16.7 in December from 22.2 in November, while the prices received index inched up to 11.1 from 11.5.

Meanwhile, firms were more positive about the outlook for activity, with the index for future business conditions jumping to a positive 12.1 in December from a negative 0.9 in November.

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