The report from the New York Federal Reserve showed on Wednesday that manufacturing activity in the New York region contracted dramatically in early April.

According to the survey, NY Fed Empire State manufacturing index tumbled from -21.5 in March to -78.2 in April, its lowest level in the history of the survey.

Economists had expected the index to come in at -35.0

Anything below zero signals contraction.

According to the report, new orders, shipments and employment fell at a record pace, while delivery times lengthened, and inventories declined modestly. On the price front, input price increases slowed considerably, while selling prices declined modestly.