ISTANBUL 

The New York Fed manufacturing index fell in January, plummeting to its lowest level since May 2020, according to a report released on Tuesday.

The Empire State Manufacturing Index, which measures the level of general business conditions in the state of New York, fell a massive 29 points to -43.7 this month, according to the Federal Reserve Bank of New York.

The market expectation for the index was to come in at -5.0. The figure stood at -14.5 in December.

Readings above zero indicate improving conditions, while those below show worsening conditions.

"Unfilled orders continued to shrink significantly, and delivery times continued to shorten," the New York Fed said in a statement. "Inventories edged lower. Employment and the average workweek declined modestly."