Manufacturing cools in New York region
Manufacturing in the New York region contracted more than forecast this month, Bloomberg reported. The Federal Reserve Bank of New York’s general economic index dropped to minus 10.41, the lowest since April 2009, from minus 5.85 in August. The median forecast of 53 economists in a Bloomberg survey called for minus 2. Readings of less than zero signal contraction in the Empire State Index, which covers New York, northern New Jersey and southern Connecticut. The Empire State gauge of new orders decreased to minus 14 this month, the lowest since November 2010, from minus 5.5 the prior month. A measure of shipments dropped to 2.8 from 4.1, Bloomberg said.