Posted 1/16/2024, 1:30:00 PM
Empire State Manufacturing Index Plunges to Lowest Since Pandemic in January
- Empire State index plunged to -43.7 in January, the lowest since May 2020 and much worse than expected
- Index has fallen 58.2 points over the past 2 months
- Measures for new orders, shipments, unfilled orders, employment, and hours worked all contracted
- Optimism picked up slightly but remains subdued
- Drop adds to doubts about struggling U.S. manufacturing sector amid rising rates and 14 months of contraction