New York Manufacturing Index Unexpectedly Increases In August

(RTTNews) - New York manufacturing activity grew strongly in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index climbed to 20.6 in August from 15.6 in July, with a positive reading indicating growth. Economists had expected the index to fall to 11.0.

With the unexpected increase, the New York Fed's general business conditions index reached its highest level since hitting 34.4 in December 2021.

Looking ahead, the New York Fed said firms maintained an optimistic outlook for business activity, with the index for future business conditions rising to 32.1 in August from 27.9 in July.