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The New York Federal Reserve released its survey on Wednesday. The NY Fed Empire State manufacturing index climbed to 3.86 in July from -1.98 in June, exceeding expectations for an increase to 3.0.
The increase was driven by a rise in the general business conditions expectations index. The general business conditions expectations index for the next six months rose to 27.04 in July from 25.84 in June.
The new orders index dropped to -3.50 in July from 2.12 in June.
The price-paid index decreased to 7.45 in July from 9.62 in June.
The index for the number of employees fell to 3.19 in July from 8.65 last month. It was the lowest level since December 2013.
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