Manufacturing activity in New York is declining rapidly
2023.01.17 11:12
Manufacturing activity in New York is declining rapidly
By Tiffany Smith
Budrigannews.com – As orders plummeted and employment growth stalled, the New York Federal Reserve reported on Tuesday that its barometer of business activity in New York State fell in January to its lowest level since mid-2020.
From -11.2 in December, the regional Fed’s “Empire State” index on current business conditions dropped to -32.9 this month. That was the fifth-worst reading in the survey’s history and the lowest level since mid-2020. The Reuters poll of economists had predicted that the index would be -9.0.
A reading below zero indicates that the manufacturing sector in New York is shrinking. The survey demonstrated a significant decline in shipments and new orders. While employment growth stalled and the average workweek was shortened, inventories increased.
