New York manufacturing activity unexpectedly showed a significant turnaround in the month of November, according to a report released by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its general business conditions index surged to a positive 9.1 in November from a negative 4.6 in October, with a positive reading indicating growth. Economists had expected the index to rise to a negative 2.8.
Meanwhile, the New York Fed said firms became much less sanguine about the outlook, with the index for future business conditions plunging to a negative 0.9 in November from a positive 23.1 in October.
