After reported an unexpected contraction in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Wednesday showing that business activity for New York manufacturers expanded modestly in June.
The New York Fed said its general business conditions index jumped to a positive 6.0 in June from a negative 9.0 in May, with a positive reading indicating an expansion in regional manufacturing activity.
Economists had expected the index to show a much more modest rebound to a negative 3.5, which would have still indicated a contraction.
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