N.Y. Fed’s Empire State manufacturing business index declines in August Reuters via

© Reuters. FILE PHOTO: A U.S. flag flies outside The Federal Reserve Bank of New York in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid

(Reuters) – The New York Federal Reserve said on Monday its barometer of manufacturing business activity in New York State declined more than expected in August after growing at a record-setting pace in the month before.

The regional Fed’s “Empire State” index on current business conditions fell around 25 points to 18.3, lower than a reading of 29.0 forecast by analysts polled by Reuters. The index had hit a record high of 43 in July.