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New York Manufacturing Index Indicates Modestly Faster Growth

Partly reflecting a notably faster rate of growth in new orders, the Federal Reserve Bank of New York released a report on Wednesday showing a modest acceleration in the pace of growth in regional manufacturing activity in the month of January.

The New York Fed said its general business conditions index edged up to 4.8 in January from a revised 3.3 in December, with a positive reading indicating growth in regional manufacturing activity.

Economists had expected the general business conditions index to come in unchanged compared to the 3.5 originally reported for the previous month.

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