Empire State Index remains deep in negative territory in September
Business conditions in the New York region remained weak in September, the New York Federal Reserve said on Tuesday.
The Empire State manufacturing index for September rose slightly to -14.7 from -14.9 in August, which was the lowest level on record since 2009.
September’s reading fell well short of the -0.15 reading analysts had expected.
The sub-index tracking orders remained at -12.9, while shipments registered a paltry improvement to -8.
However, the six-month outlook declining from 33.6 in August to 23.3, an indication economic confidence seems to be on the wane in the area.
"Given the relatively small size of the manufacturing base in New York state, we place limited weight on this morning’s release," analysts at Barclays said on Tuesday.
"We look to Thursday’s release of the Philadelphia Fed manufacturing index, often a better indicator of national trends, for further indication of the state of the US manufacturing sector at the end of the third quarter."