The numbers: The New York Fed’s Empire State business conditions index rose 13.3 points to 17 in September, the regional Fed bank said Tuesday. Economists had expected a reading of 6, according to a survey by Econoday. The gain reverses a 14 point decline in the prior month.
This is the third consecutive positive reading in the index. Any reading above zero indicates improving conditions.
What happened: The new-orders index climbed 8.8 points to 7.1 in September while shipments rose 7.4 points to 14.1. Unfilled orders continued to decline but at a less rapid pace. Inventories also remained in negative territory. The index for number of employees held steady…