New York Manufacturing Unexpectedly Shrinks to Lowest Since 2020.

New York state's manufacturing activity experienced a significant decline in early March, with a decrease in orders and longer delivery times. The Federal Reserve Bank of New York's general business conditions index dropped to its lowest level since May 2020. The measures of orders, shipments, and employment growth also saw declines. The report collected responses in the aftermath of Russia's invasion of Ukraine, which led to a surge in commodity prices. Despite the setback in current conditions, respondents expressed optimism about future activity. [Extracted from the article]