WASHINGTON (dpa-AFX) - New York manufacturing activity grew at its fastest pace in months in February, according to a report released by the Federal Reserve Bank of New York on Tuesday.
The New York Fed said its general business conditions index jumped to 12.1 in February from 3.5 in January, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 6.0.
With the much bigger than expected increase, the general business conditions index reached its highest level since hitting 17.0 last September.
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