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

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

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.

Related posts

Idiocy in Spain: Bank Proposal to Build More Houses, Issue More Mortgages, Despite Massive Inventory and Enormous Drop in Sales

Mish Global Economic Trend Analysis

Sky City: China to Build World’s Tallest Building, 220 Stories, in 90 Days

Mish Global Economic Trend Analysis

It’s No Wonder People Don’t Understand the “Public” Debt

Angry Bear

EU Budget Laugh of the Day “No One Is Discussing Quality”

Mish Global Economic Trend Analysis

Via Barry Ritholtz’s  Big Picture comes this PBS six minute …

Angry Bear

Politics and Specific Policies

Angry Bear