by Calculated Risk on 9/15/2008 08:38:00 AM

Away from financials, the economy continues to weaken. The New York Fed reported this morning: Empire State Manufacturing Survey

The Empire State Manufacturing Survey indicates that manufacturing activity in New York State weakened in September. ... The general business conditions index fell 10.2 points in September to -7.4, reversing most of the gains in the preceding two months and suggesting some renewed weakening in business conditions.

There was some good news on prices, but overall the report was weak.

UPDATE: From MarketWatch: U.S. Aug. industrial output plunges 1.1%

Led by a big drop in auto production, industrial output plunged 1.1% in August, the biggest drop since Hurricane Katrina three years ago, the Federal Reserve reported Monday. ... Industrial production has now fallen 1.5% in the past year and 2% since the peak in January.