Empire State Factory Gauge Remains Negative For Third Month In October

Business activity in the New York region declined for the third straight month in October, the New York Fed said Thursday. The Empire State manufacturing index for October inched up to negative 11.4 from negative 14.7 in September. The reading was below the MarketWatch-compiled economist forecast for a reading of negative 8.3. This is the first time since 2009 that the index has been below negative 10 for three straight months. New orders, shipments and unfilled orders all declined at a steeper pace than last month. Labor conditions worsened and the prices-paid index fell to the lowest level since 2009. Optimism about the future remained tepid.