(Washington) Manufacturing activity in the New York City area fell in April to its lowest level in history, driven by the pandemic, whose region is the epicenter in the United States, according to the Empire State monthly index released Wednesday.
Posted on April 15, 2020 at 8:42 a.m.
Updated at 9:34 a.m.
The index fell to -78.2 points, “its lowest level in the history of the survey-by far,” said the New York Fed in the press release, which is carrying out this survey among industrialists in the region.
The lowest level recorded before was -34.3 points, during the recession of 2009, details the Fed of New York.
The index lost 57 points in April compared to March, and thus fell much lower than expected by analysts, who saw it settle at -32 points.
The New York area is the epicenter of the COVID-19 pandemic in the United States.
The Fed paints a very bleak picture: “New orders and shipments have fallen at a record pace. Delivery times have lengthened and stocks have fallen. Employment levels and the average work week have both contracted at a record pace. […] The selling prices have slightly decreased ”.
However, industrialists in the region remain optimistic, and expect “conditions to be slightly better in six months.”