Economic Report: Empire State manufacturing index climbs out of negative territory in July

Bloomberg News/Landov
A worker places bowling pins onto a rack at the QubicaAMF Bowling Worldwide LLC facility in Lowville, New York.

The numbers: The New York Fed’s Empire State manufacturing survey’s main index rebounded 12.9 points to 4.3 in July, the New York Fed said Monday. Economists had expected a reading of 0.5, according to Econoday.

The gain partially reverses a steep fall in June, when the index plunged by a record 26.4 points to minus 8.6, the lowest level of the index since October 2016.

Any reading above zero indicates improving conditions.

What happened: The subindexes were mixed. The new-orders index rose in July but remained negative at 1.5.

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