Manufacturing activity “declined sharply” according to the Federal Reserve Bank of NY’s Empire State Manufacturing Survey for August. The general business conditions index saw its second worst-ever monthly drop, plunging -42.4 points to -31.3, its lowest level since April 2020 (a reading below 0.0 is consistent with manufacturing contraction). The drop follows last month’s abrupt reversal in future confidence. New Orders, Shipments and Average Employee Workweek led the way down as all three fell into negative territory. See the full report here.