WASHINGTON (dpa-AFX) - New York manufacturing activity increased modestly in the month of January, according to a report released by the Federal Reserve Bank of New York on Thursday.
The New York Fed said its general business conditions index jumped to a positive 7.7 in January from a negative 3.7 in December, with a positive reading indicating growth. Economists had expected the index to climb to a positive 1.0.
Looking ahead, the New York Fed said firms remained fairly optimistic about the outlook, although the future general business conditions index fell to 30.3 in January from 33.5 in December.
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