China News Agency, New York, January 18 (Reporter Wang Fan) According to data released by the Federal Reserve Bank of New York on the 18th, the New York State manufacturing index fell to minus 0.7 in January.
This is the first time the index has fallen into negative territory in nearly two years.
On the same day, the New York Fed released the New York State manufacturing survey report for January.
The state's manufacturing index plunged to minus 0.7 in January from 31.9 a month earlier, the report showed, well below Wall Street's previous forecast of 25.5.
The index fell into negative territory, indicating stagnation in local economic growth.
New York State's new orders index fell 32.1 points to minus 5 in January from the previous month, the shipments index fell 26.1 points to 1, and the employment index fell 5 points to 16.1, the report said.
However, the state's manufacturers remained optimistic about the economic outlook for the next six months. The report's future business conditions expectations index fluctuated slightly to 35.1, future new orders expectations index rose 2.9 points to 32.9, and capital spending expectations index rose to the highest level since 2006. The highest value was 39.7.
The report is based on a survey of 200 manufacturers in New York State, and the deadline for data collection is January 10.
Since the New York State Manufacturing Survey is the first of the monthly manufacturing reports released by the regional Federal Reserve, the report is widely watched.
Bloomberg News said the rapid spread of the new coronavirus Omicron strain is the main reason for the sharp contraction in manufacturing activity in New York state.
The state's manufacturing index fell 32.6 points in January, the biggest drop since April 2020.
In 2022, as market demand is expected to remain strong, the state's manufacturing outlook has not changed, but the state will face multiple challenges from supply chain disruptions, labor shortages, and high inflation in the future.
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