The numbers:The New York Fed’s Empire State business conditions index plunged a record 34.4 points to -21.5 in March, the regional Fed bank said Monday. Economists had expected a reading of 4.8, according to a survey by Econoday. This is the lowest level since the financial crisis in 2009.

What happened: The new-orders index fell 31.4 points to -9.3 in March. Shipments fell 20.6 points to -1.7. Labor-market indicators weakened. The average workweek fell to -10.6 in March from -1. The number of employees fell to -1.5 from 6.6. Optimism about the six-month outlook dropped to 1.2 from 22.9.