Mumbai, Oct. 16 -- New York manufacturing activity has seen a significant turnaround in the month of October, according to a report released by the Federal Reserve Bank of New York on Wednesday.
The New York Fed said its general business conditions index surged to a positive 10.7 in October after plunging to a negative 8.7 in September, with a positive reading indicating growth. Economists had expected the index to climb to a negative 1.8.
With the unexpected return to positive territory, the index indicated growth in New York manufacturing activity for the third time in the last four months.
The bigger than expected increase by the headline index partly reflected substantial turnarounds by new orders and shipments.
The new orders index...