Surveys gauging manufacturing growth or contraction in Empire State. (REUTERS)
DEVELOPING: The Empire State Manufacturing Survey, the New York Federal Reserve’s gauge of manufacturing activity in the region, fell deeper into contraction in October. The gauge fell to a reading of -6.8 from -1.99 in September.
The median forecast called for an increase to 1.00, which would have shown growth, but instead the survey showed contraction for the third consecutive month.
Readings above 0 indicate expansion, while those below indicate contraction.
