Oct. Empire State index contracts for third month

WASHINGTON (MarketWatch)
The Empire State manufacturing index increased slightly but remained in negative territory for the third straight month, the New York Federal Reserve Bank said Monday
The index rose to negative 6.2 in October from negative 10.4 in September, which was its weakest reading in almost two years
Economists polled by MarketWatch expected the index to improve to negative 4.0
The key new orders sub-index rose to negative 9.0 in October from negative 14.0 in September However, unfilled orders, another forward-looking component, fell to negative 18.3 in October from negative 14.9 in September
Employment conditions weakened, with the index for number of employees falling to negative 1.1 from 4.3 in the previous month
An index of expectations of activity six months ahead slipped to 19.4 in October from 27.2 in September
While positive, it is well below levels seen earlier in the year