NY Manufacturing Activity Plunges as Key Gauge Sees 2nd Biggest Monthly Drop in History

A worker checks equipment in the factory at IceStone, a manufacturer of recycled glass countertops and surfaces, in New York, on June 3, 2021. Andrew Kelly/Reuters

Manufacturing activity in New York state tumbled in August, according to the New York Federal Reserve.

The general business conditions index plunged by 42 points, to minus 31.3, data from the Fed’s Empire State Manufacturing Survey results for August show. That’s the second biggest monthly decline in the index’s history and also one of its lowest levels. A reading below zero is an indication of contraction.