WASHINGTON (dpa-AFX) - New York manufacturing activity has seen a significant turnaround in the month of October, according to a report released by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its general business conditions index surged to a positive 10.7 in October after plunging to a negative 8.7 in September, with a positive reading indicating growth. Economists had expected the index to climb to a negative 1.8.
Looking ahead, the New York Fed said firms grew more optimistic about the outlook, with the future general business conditions index jumping to 30.3 in October from 14.8 in September.
The index reached its highest level since hitting 36.7 in January, as close to half of firms expect conditions to improve in the months ahead.
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