*Gulp*

The New York Federal Reserve’s Empire State business-conditions index, a gauge of manufacturing activity, plunged 29.2 points to negative 43.7, the regional Fed bank said Tuesday.

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It’s the second-lowest reading ever. The biggest drop took place in the depths of the pandemic, in May 2020. …

The index for new orders dropped 38.1 points to negative 49.4 in January. Shipments fell 24.9 points to negative 31.3 points.

[This could be a blip, but somehow I don’t think we’re that lucky. — Ed]

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