New York Manufacturing Activity Plunges to Lowest Since May 2020
- Regional Fed index plummeted nearly 22 points in January
- Gauge has shown contraction in five of the last six months
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A measure of New York state manufacturing activity plummeted in January to the lowest level since the early months of the pandemic as new orders and shipments collapsed.
The Federal Reserve Bank of New York’s general business conditions index decreased nearly 22 points to minus 32.9 this month, data showed Tuesday. A reading below zero indicates contraction. The figure was more than twice as weak as the most pessimistic estimate in a Bloomberg survey of economists.