New York's manufacturers don't see a light at the end of the tunnel yet.
The New York Federal Reserve's index that measures general businesses conditions plummeted 57 points to -78.2 in April. That's the lowest level on record in the history of the Empire State Manufacturing Survey.
The coronavirus crisis is weighing on both demand and supply chains in manufacturing.
The damage is broad-based, with the survey revealing worsening conditions on every front: business activity, new orders and shipments declined. Delivery times have also expanded and inventories have fallen.
There's a thin silver lining: Survey respondents expect conditions to be slightly better six months from now.