Empire State index rebounds slightly in July
The Empire State manufacturing index rebounded a bit to 7.4 in July, the
New York Federal Reserve Bank said Monday. The increase was larger than
expected. Economists polled by MarketWatch expected the index to
rebound to 5.0 in July. The index had fallen sharply in June to 2.3 from
17.1 in May. Many economists said the June decline probably overstated
the weakness in the factory sector in New York. However, a key sub-index
for new orders fell below zero in July for the first time since last
November. The prices paid index also decline to its lowest level since
mid-2009.
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