Empire state factory index positive for first time since July

Business conditions in the New York region improved more than expected in March, according to a survey from the New York Fed.

The Empire State manufacturing index rose to a reading of 0.6 from -16.6 in February, marking the first positive reading since July last year and beating expectations of -10.

The new orders index gained 21 points to 9.6 while the shipments index was up 25 points to 13.9.

Labour market conditions were little changed, with employment and the average workweek holding fairly steady. The six-month outlook improved, with the index for future new orders rising to its highest level in more than a year.