Empire State index rebounds slightly in July

WASHINGTON (MarketWatch)
The Empire State manufacturing index rebounded a bit to 7.4 in July, the New York Federal Reserve Bank said Monday
The increase was larger than expected
Economists polled by MarketWatch expected the index to rebound to 5.0 in July
The index had fallen sharply in June to 2.3 from 17.1 in May
Many economists said the June decline probably overstated the weakness in the factory sector in New York
However, a key sub-index for new orders fell below zero in July for the first time since last November
The prices paid index also decline to its lowest level since mid-2009