MW: U.S. Dec Empire State index falls to new record low
By Greg Robb
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York area contracted at a record pace in November, the New York Federal Reserve Bank said Monday. The bank's Empire State Manufacturing index fell to negative 25.8 in December from negative 25.4 in November. New orders and shipments were slightly higher, but unfilled orders fell to a record low. Prices paid plunged to negative 7.5 in December from 27 in November. The Empire State index is relatively new, having started in 2001. Other regional factory indexes have further to fall before they reach record lows. 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 December national factory survey due out in two weeks may show. In November, the ISM manufacturing index dropped to 36.2, its lowest reading in 26 years.
