Empire Manufacturing Survey Plummets. March Drop Is Largest In History

Empire Manufacturing Survey Plummets. March Drop Is Largest In History

The fallout from the coronavirus epidemic on the US economy began to show up in the data on Monday. The New York Fed's Empire gauge fell an astonishing 34.4 points to -21.5 for March. That's the lowest since 2009 and the largest monthly drop in history. The headline print is a mile below the most pessimistic estimate from more than three-dozen economists. The range was -10.0 to 10.0. "Twenty percent of respondents reported that conditions had improved over the month, while 42 percent repor
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