NY Fed Manufacturing Index Still Contracting

It a bot-so-good sign for the economy the NY Fed manufacturing report shows this are getting a bit worse.  New York manufacturing activity is still contracting and labor conditions remain weak, according to the Federal Reserve Bank of New York’s Empire State Manufacturing Survey released today. The business condition index fell to -7.78. A reading below zero suggests contraction. The sub-indexes were almost all in negative territory, not a good sign for the factory sector at the start off 2013. Labor conditions  improved but the indexes stayed below zero for the fourth consecutive month.