MW: U.S. Oct. Empire State index falls to record low -24.6
By Greg Robb
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York area deteriorated sharply in October, the New York Federal Reserve Bank said Wednesday. The bank's Empire State Manufacturing index fell to a record negative 24.6 in October from negative 7.4 in September. The new orders index also fell to a record low, and the indexes for shipments, unfilled orders, and inventories all declined sharply. The Empire State index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's October national factory survey due out in two weeks may show. In September, the ISM manufacturing fell from 49.9 to 43.5, a seven-year low.
