Nov. Empire State index contracts for fourth month

Nov. Empire State index contracts for fourth month
WASHINGTON (MarketWatch) - The Empire State manufacturing index contracted for the fourth month in a row, the New York Federal Reserve Bank said Thursday. The index rose to negative 5.2 in November from negative 6.2 in October. Economists polled by MarketWatch expected the index to weaken to negative 6.7. Details were mixed. The key new orders sub-index rose above zero for the first time since June and shipments shot up to its highest level since May. However, employment conditions weakened. Only 21% of manufacturers reported a loss of activity due to Hurricane Sandy but all firms reported some reduction in activity.