After reporting an unexpected contraction in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Friday showing a substantial rebound in activity in the month of April.
The New York Fed said its general business conditions index soared to a positive 24.6 in April after tumbling to a negative 11.8 in March. A positive reading indicates an expansion in regional manufacturing activity.
Economists had expected the general business conditions index to show a much more modest rebound to a positive 0.5.
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