Empire State Factory Gauge Remains Extremely Weak in September

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.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.