The Empire State manufacturing index jumped to 25.60 in July, up from 18.36 in June. The August reading indicates that business conditions continue to improve, but are less widespread than last month coming in at 14.69 (consensus 20). The Producer Price Index for final demand rose 0.1% in July (+1.7% YoY) following a 0.4% advance in June and a -0.2% decline in May. July’s increase in final demand can be attributed to a rise in demand services, up +0.1%. Industrial Production advanced +0.2% in June and is expected to show a +0.3% rise for July. Treasuries continue the recent rally today in response to the disappointing Empire Manufacturing data and the curve has bull flattened with 2s10s down 2.1 bps.
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