US factory sector activity strong in March, according to Empire State index

Factory sector activity in the New York state area softened a tad in March, according to a widely-followed gauge from the US central bank.

The Federal Reserve bank of New York's Empire State headline index slipped from 18.7 for February to 16.4 in March.

However, the details of the report were much stronger, with a gauge of new orders jumping by 7.8 points from the previous month to 21.3.

A sub-index of prices paid on the other hand was lower from 37.8 to 31.0.

The employment sub-index gained from 2.0 to 8.8.