By Greg Robb
WASHINGTON (MarketWatch) - 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.
