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The New York Federal Reserve released its survey on Monday. The NY Fed Empire State manufacturing index plunged to -14.92 in August from 3.86 in July, missing expectations for an increase to 5.0. It was the lowest level since April 2009.
The decline was driven by a drop in the new orders and shipments index. The new orders index dropped to -15.70 in August from -3.50 in July, while the shipments index slid to -13.79 from 7.88.
The general business conditions expectations index for the next six months rose to 33.64 in August from 27.04 in July.
The price-paid index decreased to 7.27 in August from 7.45 in July.
The index for the number of employees fell to 1.82 in August from 3.19 last month.
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