Activity in the manufacturing sector plunged across New York State in March according to the Empire State Manufacturing Survey from the Federal Reserve Bank of New York. The General Business Conditions index fell 25.7 points to -20.0, its lowest level since January 2024, led down by decreases in New Orders, Shipments and Unfilled Orders. “Manufacturing activity dropped significantly in New York State in March. Input price increases climbed for a third straight month to hit their fastest pace in more than two years. In addition, supply availability is expected to contract and firms continued to grow less optimistic about the future business outlook,” said Richard Deitz, Economic Research Advisor at the New York Fed. See the full report here.
