Wednesday, April 15, 2020

NY Fed: Manufacturing "Business activity plunged in New York State", Record Low Index

by Calculated Risk on 4/15/2020 08:46:00 AM

From the NY Fed: Empire State Manufacturing Survey

Business activity plunged in New York State, according to firms responding to the April 2020 Empire State Manufacturing Survey. The headline general business conditions index plummeted fifty-seven points to -78.2, its lowest level in the history of the survey—by a wide margin. New orders and shipments declined at a record pace.
...
Labor market indicators were extremely weak. The index for number of employees fell fifty-four points to -55.3, with nearly 60 percent of respondents indicating lower employment levels. The average workweek index fell to -61.6, with 65 percent reporting shorter workweeks.
emphasis added
This was well below the consensus forecast.