The Federal Reserve Bank of New York released a report on Thursday showing a notable rebound in regional manufacturing activity in the month of September.
The New York Fed said its general business conditions index surged to a negative 1.5 in September from a negative 31.3 in August, although a negative reading still indicates a contraction in regional manufacturing activity.
Economists had expected the index to climb to a negative 13.0.
Looking ahead, the New York Fed said firms were not very optimistic that business conditions would improve over the next six months.
