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Financial News: New York Manufacturing Index Unexpectedly Rebounds In Sept

New York Manufacturing Index Unexpectedly Rebounds In September

09/15/2021 - 08:46:00 (RTTNews)

(RTTNews) - After reporting a notable slowdown in the pace of growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Wednesday showing an unexpected rebound in the pace of growth in the month of September.

The New York Fed said its general business conditions index surged up to 34.3 in September after plunging to 18.3 in August, with a positive reading indicating growth in regional manufacturing activity.

The substantial rebound in the pace of regional manufacturing growth came as a surprise to economists, who had expected the index to edge down to 18.0.

Looking ahead, the New York Fed said firms remained very optimistic that conditions would improve over the next six months, and capital spending and technology spending plans increased markedly.

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