Breitbart By JOHN CARNEY
Manufacturing activity in New York State unexpectedly collapsed in January, a survey from the Federal Reserve Bank of New York indicated on Tuesday.
“Business activity contracted sharply in New York State,” the New York Fed said.
The index of general business conditions in the state dropped to a minus 32.9 from minus 11.2 in December. Economists had predicted a slight improvement to minus 8.
That is the lowest level since the height of pandemic lockdowns in mid-2020 and the fifth worst reading in the history of the survey. Eleven percent of respondents reported that conditions had improved over the month, and forty-four percent reported that conditions had worsened.
New orders and shipments fell substantially, suggesting a collapse in demand. The new orders index plunged from minus 3.6 to minus 31.1, a 27.5 decline. The index of shipments dropped from +5.3 to -22.4.
The index of inventories held steady at 4.5, an indication that inventory levels increased slightly. Delivery times were unchanged. The unfilled orders index fell deeper into negative territory, suggesting a smaller backlog of orders.
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