by Calculated Risk on 9/17/2012 08:41:00 AM

From MarketWatch: Empire State index hits nearly two-year low

The Empire State index decreased to negative 10.4 in September from negative 5.9 in August, according to the manufacturing survey released by the New York Federal Reserve. It is the lowest reading since November 2010.

The new-orders index worsened to negative 14.0 in September from negative 5.5 in August.

One bright spot in the report was an increase in a key barometer of future activity that asks manufacturers about expectations six months ahead. The forward-looking index rose to 27.2 in September from 15.2 in August.

The index of the number of employees fell sharply in September but remained slightly above negative territory at 4.3.

The number of employees fell from 16.47 in August to 4.3 in September. This was significantly below expectations of a reading of minus 2.0.

Manufacturing remains a weak spot for the US economy.