Business activity dropped sharply in New York State, according to firms responding to the January 2024 Empire State Manufacturing Survey. The headline general business conditions index fell twenty-nine points to -43.7, its lowest reading since May 2020. New orders and shipments also posted sharp declines. Unfilled orders continued to shrink significantly, and delivery times continued to shorten. Inventories edged lower. Employment and the average workweek declined modestly. The pace of input price increases picked up somewhat, while the pace of selling price increases was little changed. While firms expect conditions ... (full story)

The New York Federal Reserve’s Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 29.2 points in January to negative 43.7, the regional Fed bank said Tuesday. This is the lowest level since the depth of the pandemic in May 2020. Economists had expected a negative 4 reading, according to a survey by the Wall Street Journal. Any reading below zero indicates deteriorating conditions. Over the past two months, the index has plummeted 58.2 points. Key details: The index for new orders dropped 38.1 points to negative 49.4 in January. Shipments fell 24.9 points to negative 31.3 ... (full story)