By Joshua KirbyManufacturing activity again declined sharply in New York State this month, according to a survey published Tuesday, as firms set out a gloomier vision of their business conditions. It marks a continued fall below the zero level that denotes the threshold between likely expansion and likely contraction in the state's manufacturing sector. "This outsized drop suggests January was a difficult month for New York manufacturers," said Richard Deitz, economic research adviser at the New York Fed. The indexes gauging new orders and shipments both fell in January, with inventories also edging lower, suggesting faltering demand. Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby(END) Dow Jones NewswiresJanuary 16, 2024 08:47 ET (13:47 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal January 16, 2024 13:54 UTC