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The numbers: The New York Fedâs Empire State business conditions index, a gauge of manufacturing activity in the state, rebounded 41 points in February, but stayed below the breakeven rate at negative 2.4, the regional Fed bank said Thursday.
The gain was larger than expected. Economists had expected a reading of negative 13.5 in February, according to a survey of economists by the Wall Street Journal.
Any reading below zero indicates deteriorating conditions.
Key details: In the Empire State survey, the index for new orders rose 43.1 points to negative 6.3 in February. The shipments index jumped 34.1 points to 2.8.
The pace of input price increases in the New York region picked up for the second straight month and the pace of selling prices also steepened.
Optimism about the future inched up but remained subdued.
Market reaction: Stocks
DJIA
SPX
were set to open higher on Thursday while the 10-year Treasury yield
BX:TMUBMUSD10
slipped to 4.223% in early morning trading. There was a flurry of economic indicators Thursday morning.
