MW: U.S. July Empire State index highest in a year
WASHINGTON (MarketWatch) -- Manufacturing activity in the New York area neither worsened nor improved in July, the New York Federal Reserve Bank said Wednesday. The bank's Empire State Manufacturing index rose to 0.6 in June from -9.4 in May. The increase was better than expected. Economists had forecast the index would rise to negative 4.6. The new orders index rose above zero for the first time since September 2008, climbing to 5.9 from negative 8.2. The inventories index declined to a record low negative 36.5. The Empire State index is relatively new, having started in 2001. The index is of interest to investors and economists primarily because it's seen as an early indicator of what the Institute for Supply Management's May national factory survey due out in two weeks may show. In June, the ISM manufacturing index increased to 44.8%, raising hope that the index could soon rise above 50%, the threshold for growth.
