Manufacturing in the New York region slumped at the fastest pace since the depths of the last recession, a report from the Federal Reserve Bank of New York showed Monday.
The central bank branch’s so-called Empire State index plunged to minus 14.9 in August, the lowest level since April 2009, from 3.9 the prior month. Readings less than zero signal contraction. Gauges of orders and sales also retreated.
Manufacturing in New York state accounts for about 3% of the U.S. total, according to figures from the National Association of Manufacturers in Washington. Factory output, in turn, makes up about 12% of nation’s gross domestic product.