(RTTNews) - A report released by the Federal Reserve Bank of New York on Friday showed regional manufacturing activity has seen a substantial turnaround in the month of November.
The New York Fed said its general business conditions index skyrocketed to a positive 31.2 in November from a negative 11.9 in October, with a positive reading indicating growth. Economists had expected the index to jump to a negative 0.7.
With the much bigger than expected increase, the general business conditions index reached its highest level since December 2021.
Looking ahead, the New York Fed said firms remained optimistic that conditions would continue to improve in the months ahead.
