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    January 17, 2023

    Empire State Manufacturing Index Plunges in January

    Written by David Schollaert

    Business activity in the state of New York fell in January, reaching its lowest level since the early days of the pandemic, according to data from the Empire State Manufacturing Survey.

    The New York Fed’s Empire State headline general business conditions index — a gauge of manufacturing activity in the state — plunged from -11.2 in December to a reading of -32.9 this month. The reading came in as a surprise as the market expectation was of a modest recovery to -8.7. (Any reading below zero indicates deteriorating conditions.)

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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