New York manufacturing activity dives to lowest since May 2020

by Anadolu Agency

ISTANBUL

The New York Fed manufacturing index fell in January, plummeting to its lowest level since May 2020, according to a report released on Tuesday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, fell a massive 29 points to -43.7 this month, according to the Federal Reserve Bank of New York.

The market expectation for the index was to come in at -5.0. The figure stood at -14.5 in December.

Readings above zero indicate improving conditions, while those below show worsening conditions.

“Unfilled orders continued to shrink significantly, and delivery times continued to shorten,” the New York Fed said in a statement. “Inventories edged lower. Employment and the average workweek declined modestly.”

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