US September New York Fed Manufacturing Index Plunges, Sounding Economic Recession Alert.

Due to a sharp drop in demand, factory activity in New York fell sharply in September. Data released on Monday showed that the New York Federal Reserve's manufacturing index in the US fell by nearly 21 points to -8.7, below market expectations of 5. A reading below zero indicates economic contraction. Both new orders and shipments indices fell to their lowest levels since April 2024. Over the past four months, due to the continued uncertainty caused by President Donald Trump's unpredictable trade policies and anti-immigrant measures, the manufacturing sector has struggled and jobs have continued to decline. The Institute for Supply Management (ISM) manufacturing index has contracted for the sixth consecutive month in August. Monday's report also showed a slight decrease in the prices received and prices paid indices in the New York Federal Reserve's manufacturing sector in September, but they remain at relatively high levels. The manufacturing employment index contracted for the first time since May, and the index for work hours also declined. The future six-month outlook index for the New York Federal Reserve's manufacturing sector seems more optimistic than the current situation, but the official statement pointed out that "optimism remains low." Responses for this survey were collected from September 2nd to 9th.