Manufacturing Continues To Contract in New York

New York, NY, Nov. 15, 2012 -- Manufacturing activity in the New York area contracted for the fourth month in a row, according to the Empire State index.

The gauge increased to negative 5.2 in November from negative 6.2 in October, according to the manufacturing survey released by the New York Federal Reserve.

Nevertheless, the report was a little better than expected as economists had expected the index to fall to negative 6.7.

On the positive side, the new orders index rose above zero for the first time since June.