New York Manufacturing Index Unexpectedly Turns Positive In July

(RTTNews) - New York manufacturing activity has seen a notable turnaround in the month of July, according to a report released by the Federal Reserve Bank of New York on Tuesday.

The New York Fed said its general business conditions index surged to a positive 5.5 in July from a negative 16.0 in June, with a positive reading indicating growth. Economists had expected the index to rise to a negative 10.0.

The report also said the index for future general business conditions rose to 24.1 in July from 21.2 in June, suggesting that, on the whole, businesses expect activity to increase in the months ahead.