In September, the manufacturing index of the New York Federal Reserve in the United States plummeted, sounding an alarm of economic contraction.

According to the Wisdom Financial App, due to a steep drop in demand, the factory activity index in New York, USA, sharply declined in September. Data released on Monday showed that the New York Federal Reserve's manufacturing index for September dropped by nearly 21 points to -8.7, below the market expectation of 5. The index below zero indicates an economic contraction.