New York State Factory Activity Slumps in January Amid Omicron Surge

A worker stands near the chimney stacks of a neighboring factory at IceStone, a manufacturer of recycled glass countertops and surfaces, in New York City, N.Y., on June 3, 2021. Andrew Kelly/Reuters

Factory activity in New York state slumped in January amid a surge in COVID-19 infections, but manufacturers remained upbeat about business conditions over the next six months.

The New York Federal Reserve said on Tuesday its “Empire State” index on current business conditions plunged 32.6 points to a reading of -0.7 this month. This was the first negative reading since June 2020.