New York manufacturing activity at lowest since April 2020

By Ovunc Kutlu

ISTANBUL (AA) - The New York Fed manufacturing index in February stood at its lowest level since April 2020, according to a report released on Thursday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, rose a massive 41 points but remained negative at -2.4, according to the Federal Reserve Bank of New York.

Readings above zero indicate improving conditions, while those below show worsening conditions.

The market expectation for the index was to come in at -13.70.

The index fell a massive 29 points to -43.7 in January, which was the lowest level since May 2020.

"Unfilled orders continued to shrink, and delivery times continued to shorten," the New York Fed said in a statement. "Inventories declined. Employment levels were little changed, while the average workweek fell."