Grim manufacturing report from the New York State federal reserve bank.

[Doodley]

The general business conditions index dropped twenty-one points to -8.7, its first negative reading since June. The new orders index declined thirty-five points to -19.6, and the shipments index fell thirty points to -17.3, the lowest levels for both indexes since April 2024, pointing to significant declines in orders and shipments. Unfilled orders fell. The inventories index remained modestly negative at -4.9, indicating that business inventories continued to shrink somewhat. Delivery times were unchanged. The supply availability index dropped to -8.8, a sign that supply availability continued to worsen.

https://www.newyorkfed.org/survey/empire/empiresurvey_overview