NEW YORK (Reuters) - A gauge of Texas factory activity in March rose to its least negative level since November, suggesting an improvement in the state’s manufacturing sector, which had been stung by plummeting oil prices, according to the Dallas Federal Reserve.
The Dallas Fed said on Monday its regional manufacturing index was -13.6 points in March, compared with -31.8 in February.
A reading below zero shows the region’s manufacturing sector is contracting, while a figure above zero shows it is expanding.
In January, the index was -34.6 which was the weakest level since April 2009.
The last time the Dallas Fed index was above zero was December 2014.
Reporting by Richard Leong; Editing by Chizu Nomiyama