The Empire State Manufacturing Survey general business-conditions index fell 29 points to -43.7 in January, “it’s lowest reading since May 2020,” according to a Tuesday report from the Federal Reserve Bank of New York.
This is the second straight rocky month for the index as it plunged 24 points to -14.5 in December. The general business-conditions index is the monthly gauge of New York’s manufacturing sector.
Based on firms responding to the survey, the January reading indicates business activity “dropped sharply” in New York state, the New York Fed said. A negative index number indicates a decline in the sector, while a positive reading points to expansion or growth in manufacturing activity.
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The Empire State Survey found that new orders and shipments posted sharp declines. Unfilled orders continued to shrink significantly, and delivery times continued to shorten.
On the bright side, the survey found manufacturing firms expect conditions to improve over the next six months, but optimism “remained subdued.”
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York state. On average, about 100 executives return responses.
