The regional Fed's "Empire State" index on current business conditions plummeted to -32.9 this month from -11.2 in December. That was lowest level since mid-2020 and the fifth worst reading in the survey's history. Economists polled by Reuters had forecast the index at -9.0.
A reading below zero signals the New York manufacturing sector is contracting. New orders and shipments declined significantly, the survey showed. Inventories rose, while employment growth stalled and the average workweek shortened.
People don’t spend money after the holiday season. Business will pick up in the spring
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »