The Empire State Manufacturing Index fell today to -32.9 from a -11.2 last month. Not only is the outlook of 175 of the top manufacturing firms in New York well below the -8.7 expected, it’s the worst since May of 2020 when companies were completely shut down. Being the sadists they are, mortgage rates were initially lower on hearing about the misery going down in the city that never sleeps, but have since reversed course and are a smidge higher this morning.