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New York Manufacturing Index Bounces Back Into Positive Territory

After reporting an unexpected contraction in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing activity rebounded modestly in the month of July.

The New York Fed said its general business conditions index climbed to 4.3 in July from a negative 8.6 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to a positive 2.0.

The bigger than expected rebound by the general business conditions index came after it recorded its first negative reading in over two years in the previous month.

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