New York Manufacturing Remains Weak

(RTTNews) - Manufacturing activity in New York State continued to contract in September, though the rate of deterioration eased slightly compared to August. This according to new survey results released Thursday.

The New York Federal Reserve's Empire State Index came in at negative 1.99 for September. This compared to a mark of negative 4.21 in the previous month.

Economists had projected a reading of negative 1.00.

Any reading below zero indicates contraction in the sector. The lower negative number suggests a slower rate of decline in September.

New orders declined in September after a slight advance in the previous month. The index for this measure fell to negative 7.45 following a reading of positive 1.04 in August.

In its report, the New York Fed characterized the decline in both new orders and shipments as "marked," and noted that labor conditions weakened in the month.

In one positive note, the report suggested that expectations are improving. The index tracking expectations six months ahead rose to 34.53 in September, compared to 23.74 in August.