MW:September Empire State index falls unexpectedly
By Greg Robb
WASHINGTON (MarketWatch) - The Empire State manufacturing index fell unexpectedly to negative 10.4 in September, the weakest reading in almost two years, the New York Federal Reserve Bank said Monday. Economists polled by MarketWatch expected the index to improve to 0.0 from negative 5.9 in August. The index has fallen sharply in the summer after reaching 17.1 in May. The key new orders sub-index fell to negative 14.0 in September from negative 5.5 in August. Unfilled orders, another forward-looking component, fell to negative 14.9 in September from negative 10.6 in August. One bright spot was an increase in a key barometer of future activity that asks manufacturers about expectations six months ahead.
