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USA: Empire State index remains in negative territory

( - Manufacturing activity continued to contract in the New York region in April, remaining in negative territory for the fourth month in a row.

The Empire State index - compiled by the Federal Reserve's regional office - came in at -14.3 this month, compared with -20.9 in March.

The weekly hours worked sub-index deteriorated the most, to -10.6 from -10.4 last month, followed by shipments (-14.4 vs. -6.9 the previous month).

The new orders component improved to -16.2 from -17.2, but the six-month forward expectations sub-index deteriorated from 21.6 to 16.7.

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