Activity in the New York manufacturing sector has expanded at an accelerated rate in the month of May, according to a report released by the Federal Reserve Bank of New York on Tuesday, with the index of activity in the sector rising by much more than expected.
The New York Fed said its general business conditions index jumped to 17.1 in May from 6.6 in April, with a positive reading indicating an increase in regional manufacturing activity. Economists had expected the index to show a more modest increase to a reading of 10.0.
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