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New York Manufacturing Index Unexpectedly Increases In May

New York manufacturing activity has picked up significantly in the month of May, 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 jumped to 17.8 in May from 10.1 in April, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to drop to 8.5.

With the unexpected increase, the New York Fed's general business conditions index reached its highest level since November of 2018.

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