A report released by the Federal Reserve Bank of New York on Friday unexpectedly showed growth in regional manufacturing activity in the month of July.
The New York Fed said its general business conditions index jumped to a positive 11.1 in July from a negative 1.2 in June, with a positive reading indicating growth in regional manufacturing activity. The increase surprised economists, who had expected the index to edge down to a negative 2.0.
Meanwhile, the New York Fed said firms turned pessimistic about the six-month outlook, calling the move a rare occurrence in the survey's history.
