New York manufacturing activity has seen a substantial turnaround in the month of September, according to a report released by the Federal Reserve Bank of New York on Friday.
The New York Fed said its general business conditions index surged to a positive 1.9 in September from a negative 19.0 in August, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to climb to a negative 10.0.
Looking ahead, the New York Fed said firms continued to grow more optimistic about the six-month outlook, with the index for future business conditions climbing to 26.3 in September from 19.9 in August.
