NY Manufacturing Activity Plunges as Key Gauge Sees 2nd Biggest Monthly Drop in History
Manufacturing activity in New York state tumbled in August, according to the New York Federal Reserve.
The general business conditions index plunged by 42 points, to minus 31.3, data from the Fed’s Empire State Manufacturing Survey results for August show. That’s the second biggest monthly decline in the index’s history and also one of its lowest levels. A reading below zero is an indication of contraction.
The proportion of respondents reporting weaker business conditions over the month was 43.6 percent, which is almost double the 22.6 percent reported in July. Only 12.2 percent reported improvement in business conditions.
The index of new orders fell 36 points, to minus 29.6, while the shipments index slumped almost 50 points, to minus 24.1, signaling a sharp decline in both shipments and orders….