New York Manufacturing Dips to Lowest Levels Since the Pandemic in January

• Business activity in New York State sharply declines to -43.7, the lowest level since May 2020.
• New orders and shipments drop significantly, and unfilled orders decrease.
• Employment and workweek slightly decline as input prices rise.

Sharp Downturn in New York State Manufacturing Activity

In January 2024, business activity in New York State experienced a significant decline, with the general business conditions index plummeting by twenty-nine points to -43.7. This marks the lowest level since May 2020.

Significant Reduction in Orders and Shipments

The new orders index fell by thirty-eight points to -49.4, while the shipments index dropped by twenty-five points to -31.3, indicating substantial declines in both new orders and shipments.

Employment and Work Hours Decline

The number of employees index remained relatively unchanged at -6.9, while the average workweek index recorded a slight decrease at -6.1, reflecting reduced employment levels and hours worked.

Cautious Outlook Despite Expectations of Improvement