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The Empire State Manufacturing index fell to a record low of -25.8 showing the continued collapse in manufacturing throughout the New York area. Unfilled orders fell to a record low and prices paid contracted by 7.5%

The index is followed by economists as it tends to be a leading indicator to the Institute for Supply Management’s national factory survey due out in 2 weeks. ISM numbers reflect the economic pulse of the nations manufacturing sector. The recent ISM readings were at their lowest levels in 26 years.

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