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Economic Report: Empire State index falls further into negative territory in October

Bloomberg

Raphael Padilla uses a scraper on an acrylic table on the Plexi-Craft factory floor in the Queens borough of New York.

A gauge of New York-area manufacturing became more pessimistic in October, data released Monday showed.

The Empire State index fell to negative 6.8 from negative 2 in September, on a scale where any reading below zero indicates contracting activity, the New York Fed said. That’s the weakest reading since May.

Empire State Manufacturing Survey: Business activity declined; October index -6.8 → https://t.co/bg44TB8sw9pic.twitter.com/wAOWdaS2CX

— New York Fed (@NewYorkFed) October 17, 2016

The index for new orders improved slightly but was still negative at minus 5.6.

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