Manufacturing activity in New York state showed a strong rebound in October, according to new data published Wednesday by the Federal Reserve Bank of New York.
The regional Fed’s general business conditions index climbed to 10.7 this month from -8.7 in September, signaling a return to expansion after a sharp contraction. A positive reading indicates growth, and the figure came in well above economists’ forecasts for a -1.8 reading.
Business sentiment about the future also strengthened notably. The future general business conditions index jumped to 30.3 in October from 14.8 the previous month — its highest level since January’s 36.7.
According to the report, nearly half of the surveyed firms expect business conditions to improve over the coming months, reflecting increased confidence in the regional manufacturing outlook.
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