New York Fed's regional manufacturing index hits six-month high
What happened: The new-orders index climbed 2.2 points to 9.7, and the shipments index gained 7.7 points to 16.3.
Inventories unwound, with that index diving 12.5 points to negative 4.1. Prices both paid and received fell slightly, and the index on the number of employees fell 7.2 points to 4.7. The big picture: Manufacturing has been one of the weak points of the economy this year, so this report stands out as a possible sign of better things to come — or, perhaps, an outlier.
The decline in the inventories index suggests that some of the buildup in stockpiles amid U.S. trade disputes over Chinese goods as well as steel and aluminum may have unwound this quarter. Market reaction: Futures on the Dow Jones Industrial Average DJIA, +0.82% were pointing lower on Wednesday, with data on retail sales also being released and showing a 0.2% decline.Steve Goldstein Steve Goldstein is MarketWatch's Washington bureau chief. Follow him on Twitter @MKTWgoldstein.
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