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KITCO
New York Fed's Empire State Survey drops to -31.3
Manufacturing in the New York Region has fallen to its lowest level since 2019 when activity ground to a halt at the start of the COVID-19 pandemic. The report said that this was, “the second largest monthly decline in the index on record, and among the lowest levels in the survey’s history.”
Some economists note that the surprise drop in manufacturing could revive fears that the U.S. economy is headed for a hard landing as the Federal Reserve tightens interest rates to cool inflation pressures.
GOLD DROPS 1%