Empire State Index Returns To Positive Ground With 3.9 Reading

The Empire State index of manufacturing conditions in the New York area swung back to positive territory in July, the New York Fed said Wednesday. The index rose to 3.9 points from a negative 2 in June, about in line with a MarketWatch-compiled survey for a reading of 4. Any reading above zero indicates improving conditions. However, the internals of the report weren't hot, with the new orders index actually getting more negative, falling to negative 3.5 from negative 2.1, and the shipments index sliding to 7.9 from 12.