The New York Federal Reserve said on Tuesday its barometer on business activity in New York state fell in January to the lowest level since mid-2020 as orders plunged and employment growth stalled.
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.
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