After June's plunge in regional Fed business surveys, July's Empire Fed headline printed a better-than-expected +4.3 (exp +2.0) from -8.6 in June.
However, despite the pickup in the main index, details of the report show that the industry continues to struggle.
A gauge of current orders crept up, though more of the state’s factories said bookings were lower in July than higher.
And, both current and future expectations for employment tumbled, with the latter crashing to its weakest since January 2016...
Worse still, as Reuters Economist Jeoff Hall notes, the internals of the New York Fed Empire State Manufacturing Survey were less flattering than the headline. In fact, an ISM-like weighting of the components produced a PMI reading of 49.0 in July, up from 48.4 in June but still recessionary.