A reading of New York-area manufacturing conditions improved markedly in March, a sign that the factory sector could be stabilizing after months of weakness.
The Empire State general business conditions index surged to a reading of positive 0.6 in March from negative 16.6 in February, marking the first positive reading since July, the New York Fed staid.
The index, on a scale where any positive number indicates improving conditions, was far better than the negative 10 forecast in a MarketWatch-compiled economist poll.
The new orders rose 21 points to 9.6. The shipment index shot up 25 points to 13.9.
By: Greg Robb (MarketWatch).
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