Huge disappointment for New York manufacturing

The New York Fed's latest Empire State manufacturing index was a big disappointment for the second month in a row.

The index came in at -14.7 on Tuesday, up very slightly from -15 last month but still indicating contraction in the region's manufacturing sector.

Last month's reading was the worst since 2009.

September's report was downbeat all around.

Orders and shipments both fell in September, while prices pointed to an increase in input prices and a decline in selling prices.

Indications from the labor market showed that the number of workers and hours worked declined while optimism also declined.