Manufacturing in New York Fed Region Contracts at Faster Pace
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Manufacturing in the New York region unexpectedly contracted in September at a faster pace, underscoring concerns a mainstay of the recovery is fading.
The Federal Reserve Bank of New York’s general economic index dropped to minus 8.8, the weakest reading since November, from minus 7.7 in August. Economists projected an increase to minus 4, based on the median of 54 forecasts in a Bloomberg News survey. Readings less than zero signal companies in the so-called Empire State Index, which covers New York, northern New Jersey, and southern Connecticut, are cutting back.