Empire State manufacturing improves in July

Manufacturing activity in the New York jurisdiction improved more than expected in July, according to a survey released on Thursday.

The New York Fed's Empire State index rose by 26 points from June to 43.0. coming in well ahead of expectations for a reading of 18.

Half of respondents reported that conditions had improved over the month, while just 7% said conditions had worsened.

The new orders index rose 17 points to 33.2, while the shipments gauge was up 30 points to 43.8. The delivery times index fell 10 points from June’s record high to 20.2.