Bidenomics: New York Manufacturing Unexpectedly Collapses
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President Joe Biden speaks in Blue Bell, Pa., Friday, Jan. 5, 2024. (AP Photo/Matt Rourke)AP Photo/Matt Rourke
JOHN CARNEY16 Jan 2024249
Factory activity in New York suffered an unexpected collapse in January, a survey from the Federal Reserve Bank of New York indicated Tuesday.
The NY Fed’s Empire State Manufacturing Survey showed business activity contracted sharply in January. The index of business conditions went into free fall, plunging 29.2 points in January to a reading of negative 43.7.
Economists had forecast an improvement in business conditions, predicting the index would rise to a negative 4.7 from the December reading of negative 14.5.
Readings below zero indicate worsening conditions.
The business conditions index has dropped 58.2 points over the past two months, the worst two-month decline in the history of the index.
The gauge of new orders dropped more than 38 points to minus 49.4, the worst reading since April 2020, when the economy was cratering from the pandemic lockdowns.
https://www.breitbart.com/economy/2024/01/16/bidenomics-new-york-manufacturing-unexpectedly-collapses/
