WASHINGTON (dpa-AFX) - New York manufacturing activity rose sharply in the month of October, according to a report released by the Federal Reserve Bank of New York on Monday.
The New York Fed said its general business conditions index surged to 25.5 in October from 7.6 in September, with a positive reading indicating growth. Economists had expected the index to rise to 10.3.
Looking ahead, the New York Fed said firms continued to expect conditions to improve in the months ahead, although the index for future business conditions slid to 21.0 in October from 29.0 in September.
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