New York Empire State factory gauge drops sharply in January signaling deep contraction in activity

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New York Empire State factory gauge drops sharply in January signaling deep contraction in activity
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The New York Fed's Empire State business conditions index fell steeply to negative 32.9 in January, its lowest reading the worst of the pandemic in 2020.

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, tumbled 21.7 points to negative 32.9 in January, the regional Fed bank said Tuesday.

Economists... The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, tumbled 21.7 points to negative 32.9 in January, the regional Fed bank said Tuesday.

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