A report released by the Federal Reserve Bank of New York on Wednesday showed a significant slowdown in the pace of contraction in regional manufacturing activity in the month of February.
The New York Fed said its general business conditions index soared to a negative 5.8 in February from a negative 32.9 in January, although a negative reading still indicates a contraction. Economists had expected the index to jump to a negative 18.0.
Looking ahead, the New York Fed said firms expect business conditions to improve somewhat over the next six months.
