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A report released by the Federal Reserve Bank of New York on Thursday unexpectedly showed a slight acceleration in the pace of growth in regional manufacturing activity in the month of August.
The New York Fed said its general business conditions index inched up to 4.8 in August after climbing to 4.3 in July, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to dip to 3.0.
Meanwhile, the New York Fed said the indexes assessing the six-month outlook suggested that firms were somewhat less optimistic about future conditions than they were last month.
