Economics
New York Fed’s Factory Gauge Improves Following June Slump
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New York manufacturing improved in July, indicating factory activity in the state may be stabilizing after slumping the previous month to an almost three-year low.
The Empire State index, a survey of factories in New York State, climbed to 4.3 in July from a June reading of minus 8.6 that was the lowest since October 2016, according to the Federal Reserve Bank of New York. The median forecast of economists called for a reading of 2. In June, the gauge plunged 26.4 points, the most in records back to July 2001. Expectations for business conditions six months ahead also picked this month.