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A report released by the Federal Reserve Bank of New York on Friday showed a notable rebound in the pace of growth in regional manufacturing activity in the month of February.
The New York Fed said its general business conditions index climbed to 8.8 in February from 3.9 in January, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 7.0.
The bigger than expected increase by the index came after it tumbled to its lowest level in well over a year in the previous month.
