Negative Philly Fed index worse than forecast (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Philadelphia Fed said its manufacturing index was -17.5 in September, the third negative reading in four months. Economists polled by MarketWatch had anticipated a -13.4 reading for September after a -30.7 disaster in August. Earlier, the New York Fed said its Empire State manufacturing index fell to -8.8 in September from -7.7 in August.