New York Manufacturing Contracts While Outlook Slumps on Tariffs
An employee pulls a crucible of molten glass from a furnace in Corning, New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
New York state factory activity contracted in April for a second month while a gauge of the near-term outlook for business conditions plunged to the lowest level since 2001 in the wake of the Trump administration’s extensive tariffs plan.
The Federal Reserve Bank of New York’s general business conditions index rose 11.9 points to minus 8.1, data showed Tuesday. Readings below zero indicate contraction, and the the median estimate in a Bloomberg survey of economists called for minus 13.5.