The Empire State Manufacturing Survey general business-conditions index tumbled 19 points to -14.9 in August, its lowest level since 2009.
The index reading indicates business activity declined for New York manufacturers in August, the Federal Reserve Bank of New York said in a news release posted on its website on Monday. A reading above zero indicates expansion, and a reading below zero indicates contraction.
The result was far worse than economists had expected. Economists that Reuters polled had expected the New York manufacturing index to rise to 5.0 this month, according to an article on the survey posted at the Reuters website.
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The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in the state. On average, about 100 executives return responses.
Contact Reinhardt at ereinhardt@cnybj.com
