New York Manufacturing Index Jumps Much More Than Expected In July
(RTTNews) - A report released by the Federal Reserve Bank of New York on Wednesday showed regional manufacturing activity has picked up considerably in the month of July.
The New York Fed said its general business conditions index jumped to 15.6 in July from 5.7 in June, with a positive reading indicating growth. Economists had expected the index to climb to 8.6.
Looking ahead, the New York Fed firms remained fairly optimistic conditions would improve in the months ahead, although the index for future business conditions dipped to 27.9 in July from 30.1 in June.
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