Jan. Empire State index contracts for sixth month

WASHINGTON (MarketWatch
The Empire State manufacturing index contracted for the sixth month in a row, the New York Federal Reserve Bank said Tuesday
The index fell to negative 7.8 in January from a revised negative 7.3 in December, originally reported as negative 8.1
Economists polled by MarketWatch expected the index to stay in negative territory at negative 2.8 in January
Details of the report were also disappointing
The key new orders sub-index fell to negative 7.2 from negative 3.4 and shipments also retreated sharply
Labor market conditions also remained weak