Dow Jones Newswires (09/17/12) Kathleen Madigan
The Federal Reserve Bank of New York’s Empire State Manufacturing Survey released Sept. 17 unexpectedly fell further into contraction this month. The Empire State’s business conditions index fell to -10.41 in September. The index has been deteriorating since May. Economists surveyed by Dow Jones Newswires had expected the index to come in at 0. The New York Fed survey is the first of several regional Fed factory reports, and Monday’s very weak report suggests the U.S. manufacturing sector isn’t contributing to overall economic growth this quarter.