Economy
August 16, 2022
Empire State Manufacturing Plunges in August, Outlook Still Gloomy
Written by David Schollaert
Business activity in the state of New York saw a sharp decline in August, a complete reversal from the modest increase the month prior, according to the Empire State Manufacturing Survey.
The New York Fed’s Empire State headline general business conditions index—a gauge of manufacturing activity in the state—plummeted by 42.2 points in August to a reading of -31.3, returning to negative territory following a short-lived gain the month prior.
