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Financial News: New York Manufacturing Index Unexpectedly Turns Positive I

New York Manufacturing Index Unexpectedly Turns Positive In November

11/15/2023 - 08:41:00 (RTTNews)

(RTTNews) - New York manufacturing activity unexpectedly showed a significant turnaround in the month of November, 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 surged to a positive 9.1 in November from a negative 4.6 in October, with a positive reading indicating growth. Economists had expected the index to rise to a negative 2.8.

Meanwhile, the New York Fed said firms became much less sanguine about the outlook, with the index for future business conditions plunging to a negative 0.9 in November from a positive 23.1 in October.

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