MW: Aug. Empire State index drops to negative figure
By Greg Robb
WASHINGTON (MarketWatch) - The Empire State manufacturing index dropped sharply to negative 5.9 in August, the first time activity has contracted in nine months, the New York Federal Reserve Bank said Wednesday. The decrease was larger than expected. Economists polled by MarketWatch expected a small decline to 6.0 in August. The index has fallen sharply in the summer after reaching 17.1 in May. The key new orders sub-index stayed weak, falling to negative 5.5 in August from negative 2.7 in July. Unfilled orders, another forward-looking component, rose slightly to negative 10.6 in August from negative 13.6 in July.
