Richmond Fed business index falls in January

WASHINGTON (MarketWatch)
The Richmond Fed's index of manufacturing activity fell in January to negative 12 from 5 in December, the bank said Tuesday
The decline is another sign of weak conditions in the manufacturing sector
The details of the report were also weak
The new-orders index sank 27 points to negative 17 and the shipments index retreated 12 points to negative 11
The employment index slipped 2 points to negative 5
Numbers below zero indicate contraction
The Richmond Fed covers a region stretching from Maryland to South Carolina and extending out to most of West Virginia.