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Growth in New York manufacturing activity saw a notable acceleration in the month of February, 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 climbed to 12.9 in February from 4.8 in January, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 5.0.
The bigger than expected increase by the headline index came as the new orders index shot up 16 points to 22.1 and the shipments index climbed to 18.9.
