US Empire manufacturing slumps to 7-year low

Business conditions in the New York region deteriorated sharply in January, according to a survey from the New York Fed.

The Empire State manufacturing index slumped 13 points to -19.4 from a revised -6.2 in December, marking its lowest level since April 2009 and missing estimates for a reading of -4.

This was the sixth consecutive month the index remained below zero.

The new orders index slid 17 points to -23.5, while the shipments index fell 19 points to -14.4, having risen above zero the previous month.