New York Factory Activity Hits New Low

02.17.09 | FL News Team

Factory activity in New York State has hit a record low as the recession puts the brakes on the nation's economy. The New York Federal Reserve's factory index has fallen to its lowest point since the index started in the summer of 2001.

The New York Fed's report is considered a bellweather of the national factory outlook. The survey's gauge of new orders also fell to an all-time low, and factory employment in the Empire State hit a low that hadn't been reached since November of 2001.