Business activity contracted sharply in New York State, according to firms responding to the January 2023 Empire State Manufacturing Survey. The headline general business conditions index fell twenty-two points to -32.9. New orders and shipments declined substantially. Delivery times held steady, and inventories edged higher. Employment growth stalled, and the average workweek shortened. Input price increases slowed considerably, and selling price increases also moderated. Looking ahead, firms expect little improvement in business conditions over the next six months. Manufacturing activity fell steeply in New York ... (full story)

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, tumbled 21.7 points to negative 32.9 in January, the regional Fed bank said Tuesday. This is the lowest level since the worst of the pandemic in 2020 and among the lowest levels in the survey’s history, the regional Fed bank said. Economists had expected a reading of negative 7, according to a survey by The Wall Street Journal. Any reading below zero indicates contraction. Key details: The new orders index fell 27.5 po (full story)