By Rex Nutting WASHINGTON (MarketWatch)

Business improved for manufacturers in New York in August, according to the Empire State index released Monday by the New York Federal Reserve Bank. The index rose to 12.1 from negative 0.6 in July. It's the first positive reading since April 2008, and the highest since November 2007.

Readings over zero mean most firms said business was improving compared with the prior month. Two key components of the index -- new orders and shipments -- rose to their highest levels in more than a year.

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