May Empire State index rebounds to 17.1

WASHINGTON (MarketWatch)
The Empire State manufacturing index rebounded to 17.1 in May, the New York Federal Reserve Bank said Tuesday
The gain in March was larger than expected
Economists polled by MarketWatch expected the index to inch higher to 9.5 in May
The index had fallen sharply in April to 6.6%, the lowest level since last November, from 20.2 in March
In May, underlying conditions were mainly positive
The new orders and shipment indices increased
Two readings on employment were stronger
The index for prices paid pulled back
A reading of expected conditions in six-months retreated to 29.3 in May from 43.1 in April