Published January 15, 2016 8:30am EST | Updated January 15, 2016 2:05pm EST

Empire State Factory Index Declines Sharply In January To Lowest Level Since Recession

Business conditions in the New York region worsened severely in January, the New York Fed said Friday. The Empire State manufacturing index sank to negative 19.4 in January from a revised negative 6.2 in December. This is the lowest level for the index, a key early reading on manufacturing, since April 2009, near the end of the last recession. The index was below the MarketWatch-compiled economist forecast for a negative 4.5 reading. Orders and shipments plummeted in January. The six-month outlook was also very weak, dropping to 9.5 in January from 35.7 in December. This is the lowest level since early 2009.