Manufacturing in New York Slumps Even as Outlook Brightens
A studio in the Brooklyn borough of New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Manufacturing in the New York region slumped at the fastest pace since the depths of the last recession, a report from the Federal Reserve Bank of New York showed Monday.
The central bank branch’s so-called Empire State index plunged to minus 14.9 in August, the lowest level since April 2009, from 3.9 the prior month. Readings less than zero signal contraction. Gauges of orders and sales also retreated.