One month after tumbling sharply, business conditions in the New York region showed no signs of stabilizing in September, the New York Fed said Tuesday.
The Empire State manufacturing index for September remained very weak, inching up to negative 14.7 from negative 14.9 in August, which was the lowest level since 2009.
The reading was well below the MarketWatch-compiled economist forecast for a flat reading. Orders remained deep in negative territory at negative 12.9 in September while shipments improved slightly to negative 8.0. Both labor market indicators contracted.
The six-month outlook worsened to 23.3 in September from 33.6 in August suggesting confidence waned. The national Institute for Supply Management did weaken last month but remained in modest growth territory.