US manufacturing index rises

A gauge of regional manufacturing in the US rose in August after plunging the previous month but it fell short of analysts’ forecasts, adding to evidence that the US recovery is losing momentum. The New York Federal Reserve said yesterday that its Empire State general business conditions index increased to 7.10 in August from 5.08 in July. The August reading was below market expectations. Economists had expected a figure around 8.00 this month.