FXstreet.com (Barcelona) - Economic conditions for the manufacturers of the New York area have deteriorated considerably in March, from the already negative level they were in February, beating the all-time low recorded in November 2001, according to the NY fed's Empire State Index.

In March, the Empire State index has reached a level of -22,2, from the -11,72 level posted in February, this means the lowest level since records are taken, beating the all time low at -19.6 posted in November 2001.

The new orders index recovered mildly from the all time low posted in February, rising 7 points to -4.7, while the shipments index remained at -5.2, and the unfilled orders index remained at 1.1.