New York Manufacturing Index Unexpectedly Turns Positive In April

(RTTNews) - A report released by the Federal Reserve Bank of New York on Wednesday unexpectedly showed a moderate increase in New York manufacturing activity in the month of April.

The New York Fed said its general business conditions index jumped to a positive 11.0 in April from a negative 0.2 in March, with a positive reading indicating growth. Economists had expected the index to dip to a negative 2.0.

Looking ahead, the New York Fed said firms still expect conditions to improve in the months ahead, although the index for future business conditions slumped to 19.6 in April from 31.0 in March, suggesting firms were less optimistic about the outlook.