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Following four consecutive months of contraction, the Federal Reserve Bank of New York released a report on Wednesday showing New York manufacturing activity expanded in the month of July.
The New York Fed said its general business conditions soared to a positive 17.2 in July from a negative 0.2 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to jump to 10.0.
Meanwhile, the report said firms remained optimistic about the six-month outlook, though less so than in the previous month.
