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New York Manufacturing Gauge Slumps, Hinting at Omicron Effect

  • Fed’s general business conditions index drops to minus 0.7
  • Outlook measure still elevated, future price gauges at records
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A gauge of New York state manufacturing slumped in January from a month earlier as measures of orders and shipments retreated sharply, suggesting the omicron variant of the coronavirus caused a pullback in activity.

The Federal Reserve Bank of New York’s general business conditions index plummeted to minus 0.7 from 31.9 a month earlier, a report showed Tuesday. Figures below zero indicate contraction, and the reading was weaker than all estimates in a Bloomberg survey of economists.