Empire State Manufacturing Index Edges Up

New York, NY, Oct. 17, 2011 -- The Empire State manufacturing index edged up in October but remained in negative territory for the fifth straight month, the New York Federal Reserve Bank said Monday.

The index rose a negative 8.5 in October from negative 8.8 in September. Readings below zero indicate deterioration.

Economists expected the index to improve to negative 5.0 in October.

Several components were stronger than the overall index. The new orders index rose to 0.2 in October from negative 8.0, while the shipments index rose to 5.3 from negative 12.9.