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The Federal Reserve Bank of New York released a report on Tuesday unexpectedly showing a modest acceleration in the pace of growth in regional manufacturing activity in the month of October.
The New York Fed said its headline general business conditions index edged up to 4.0 in October after dipping to 2.0 in September, with a positive reading indicating an increase in regional manufacturing activity.
The modest uptick came as a surprise to economists, who had expected the general business conditions index to slip to 0.8.
