Manufacturing Contracts Again in New York Area

New York, NY, Aug. 15, 2011 -- Manufacturing in the New York region contracted for a third straight month in August, according to the Federal Reserve Bank of New York.

The contraction in the Empire State Index was unexpected as orders and inventories dropped.

The Federal Reserve Bank of New York’s general economic index fell to minus 7.7 from minus 3.8 in July.

The median forecast called for an index of zero, the dividing line between expansion and contraction.