MW: Sept. Empire State index highest since Nov. '07
By Greg Robb
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York improved in September to the highest level since prior to beginning of the recession in late 2007, the New York Federal Reserve Bank said Tuesday. The bank's Empire State Manufacturing index rose to 18.9 in September from 12.1 in August. The new orders index climbed in September, while shipments dipped. The employment index remained in negative territory. The Empire State index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's September national factory survey due out in two weeks may show. In August, the ISM manufacturing index increased to 52.9%, the first time the index has been in growth territory since January 2008.
