New York manufacturing activity continues contraction in March

ISTANBUL

Manufacturing activity in the US state of New York has continued to contract in March, according to a report released on Friday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, fell a massive 19 points to -20.9, according to the Federal Reserve Bank of New York.

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

The market expectation for the index was to come in at -7.0.

The index plummeted 29 points to -43.7 in January, which was the lowest level since May 2020.

“Firms expect conditions to improve over the next six months, though optimism continued to be subdued,” the New York Fed said in a statement.