The NY Federal Reserve’s Empire State Manufacturing Survey for April plummeted to -78.2, its lowest-ever level. By comparison, the Survey’s low point during the Great Recession was -34.2. The -56.7 point drop from March was also the worst one month fall ever recorded by the survey. Shipments fell -66.4 points to -68.1, New Orders fell -57.0 points to -66.3, Number of Employees fell -53.8 points to -55.3 and Average Employee Workweek fell -51.0 points to -61.6. Future business conditions, reflecting expectations six months in the future, provided a bright spot as it rebounded to +7.0 in April, an increase of +5.8 points from March. See the full report here.