United States: Sharp drop in the “Empire State” activity index in January

(Reuters) – Manufacturing activity in the New York area fell more sharply than expected in January, the Federal Reserve’s regional branch monthly survey showed on Tuesday.

Its “Empire State” index fell to -32.90 after -11.2 in December. Economists polled by Reuters on average expected a figure of -9.

This is the lowest level on record since mid-2020, due to falling orders and stagnant job growth.

The new orders component came out at -31.1 after -3.6 last month and that of employment at +2.8 after +14.

The sub-index measuring the judgment of companies on their business prospects over a six-month horizon held firm to reach +8.0 after +6.3 in December.

(Written by Lucia Mutikani, Jean Rosset for the French version, edited by Blandine Hénault)