A report released by the Federal Reserve Bank of New York on Thursday showed regional manufacturing activity has contracted at a substantially slower rate in the month of February.
The New York Fed said its general business conditions index skyrocketed to a negative 2.4 in February from a negative 43.7 in January, although a negative reading still indicates contraction. Economists had expected the index to surge to a negative 15.0.
Looking ahead, the New York Fed said the six-month outlook improved, though optimism remained subdued.
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