Did Trump’s Prediction Come True? New York Manufacturing Numbers Plunge Lower Than ’08 Recession

The state of New York has just seen manufacturing numbers take a dramatic plunge, with activity reaching the lowest point since the 2020 pandemic.

Things are really bad…and they’re getting even worse.

Take a look for yourself:

⚠️ Just In: The New York Fed Empire State Manufacturing Survey Just Suffered The Biggest 2-Month Collapse (Ex-Covid) In History.

Things Are Even Worse Than They Were In 2008-09.

What Does The Fed Do Now And What Does This Mean For The Consensus View That A Soft-Landing Is… pic.twitter.com/IIRem0RdiA

— Jesse Cohen (@JesseCohenInv) January 16, 2024

JUST IN – New York manufacturing activity fell sharply in January following a significant decline in December — Empire State Survey pic.twitter.com/RrK6euhey7

— Disclose.tv (@disclosetv) January 16, 2024

There are many reasons for the dire situation in New York.

Between 2020 and 2023, 158 companies with $993 billion in assets moved out of New York – many of them to Florida.

As The Messenger reported:

New York has lost almost $1 trillion as asset management companies head to the Sun Belt.

Between early 2020 and 2023, 158 companies that manage $993 billion in assets moved their headquarters out of New York, according to data compiled by Bloomberg. Texas and Florida have received an influx of companies leaving California and New York — and the economic boom that comes with it.

Florida welcomed 104 companies, 56 of them from New York, in the same period. Since 2017, the sunshine state has welcomed 86% more corporations that moved their headquarters to the state, compared to those that left, according to a June report by moving company Hire A Helper using Securities and Exchange Commission filings. Texas saw the second-highest net gain, at 71%.

Corporations that have moved to Florida in the last few years include Icahn Capital Management, ARK Investment Management, Citadel and DoubleLine, Bloomberg reported. In the past year, Texas notably welcomed Hewlett-Packard and Caterpillar Inc., according to Hire A Helper’s report.

Yet, despite this, New York Attorney General Letitia James set a precedent that is just bad for business when she decided to sue Trump’s New York businesses…

Our friends over at The Gateway Pundit put it well when they said:

Despite all of the obstacles against business owners New York Attorney General Letitia James decided to start suing businesses based on their politics.

Letitia’s current trial of Donald Trump and his sons and daughter is unprecedented in American history.

James is persecuting Trump for having a successful business, paying off his debts, paying off banks, and making beautiful real estate properties.

New York State wants to take over Trump’s business in the state to set an example to all Republicans in the state – “Run a successful business in New York City and you will be punished.”

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Despite what the MSM wants you to think, Donald Trump is a smart man.

It appears that he has seen the bad moon rising in New York for quite some time…

In November, he warned New York of what the consequences of suing his businesses could be.

In a Truth Social post, he predicted “Businesses will NEVER come back to New York if this HOAX is not dismissed & forgotten!”

Here’s that full post, for reference:

Trump issued a similar warning in December.

“Businesses are watching this case. No business will go back into New York. No business will, frankly, stay in New York. A lot of businesses are talking about leaving New York because of this action. This is a very serious action,” he said.

Watch here:

Trump says all businesses in NY will leave the state if he loses his case. pic.twitter.com/vKrwHQsMsq

— Ron Filipkowski (@RonFilipkowski) December 8, 2023

And now, New York’s factory activity has sharply declined…

The manufacturing index took a deep dive this month after declining in December. It appears that numbers are even lower than during the ’08 recession.

Bloomberg reported:

New York state factory activity deteriorated sharply at the start of 2024 on declining orders and shipments, consistent with persistent struggles for manufacturers across the US.

The Federal Reserve Bank of New York’s general business conditions index decreased 29.2 points in January to minus 43.7. A reading below zero indicates contraction, and the figure was well below the lowest forecast in a Bloomberg survey of economists.

New orders slumped more than 38 points to minus 49.4, the weakest since April 2020, while shipments dropped by the most since August.

MarketWatch also said:

he New York Federal Reserve’s Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 29.2 points in January to negative 43.7, the regional Fed bank said Tuesday.

This is the lowest level since the depth of the pandemic in May 2020.

Economists had expected a negative 4 reading, according to a survey by the Wall Street Journal.

Any reading below zero indicates deteriorating conditions.

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Over the past two months, the index has plummeted 58.2 points.