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Economics

New York Manufacturing Plunges by Second-Most in Data to 2001

  • Empire State business activity index dives more than 42 points
  • New orders and shipments gauges underscore weaker demand
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A gauge of New York state manufacturing activity plunged by the second-most in data back to 2001, with sharp declines in orders and shipments that indicate an abrupt downturn in demand.

The Federal Reserve Bank of New York’s August general business conditions index slumped more than 42 points to minus 31.3, with the drop just behind that seen in April 2020, a report showed Monday. A reading below zero indicates contraction, and the figure was far weaker than the most downbeat forecast in a Bloomberg survey of economists.