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UPDATE:Manufacturing in the northeast improved at a better-than-anticipated pace this July, new data out of the Federal Reserve Bank of New York shows.
The key business conditions index jumped five points to 7.39 during the month, ahead of forecasts for a 4.00 print.
Employment continued to advance in the region, with the number of employees sub-index gaining six points to 18.52.
New orders declined for the first time since November 2011, with the index falling to -2.69 from 2.18 in June. A reading below zero indicates contractions.
However, expectations for new orders over the next six months was little changed from June, at 13.58. The Fed said that sales also continued to look healthy this July.
“The median respondent reported that sales were up 4.5 per cent for the ﬁrst half of 2012 compared with the ﬁrst six months of 2011, and are expected to be up 5 per cent for the full calendar year—values slightly lower than what were reported in last July’s survey.”
Below, key output from the report.
Minutes away from the first of three data points today: the Empire Fed Manufacturing Report.
Economists polled by Bloomberg forecast the key business activity index will improve 171 basis points month-on-month, to 4.00 in July.
The announcement is scheduled for 8:30 a.m.
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