USA: new plunge in 'Empire State' activity index
Having already fallen heavily in December, the 'Empire State' index sank further into the red zone this month, to -43.7, the lowest since May 2020, compared with -14.5 the previous month.
On the contrary, economists were forecasting a rise in this indicator to around -5.
The new orders sub-index deteriorated to -49.4, from -11.3 in December, while the component measuring the number of hours worked deteriorated to -6.1, from -2.4 in December, highlighting a weakening in the labor market.
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