Mumbai, July 16 -- New York manufacturing activity has seen a notable turnaround in the month of July, according to a report released by the Federal Reserve Bank of New York on Tuesday.
The New York Fed said its general business conditions index surged to a positive 5.5 in July from a negative 16.0 in June, with a positive reading indicating growth.
With the much bigger than expected increase, the general business conditions index returned to positive territory for the first time since February.
The spike by the headline index partly reflected turnarounds by new orders and shipments, as the new orders jumped to a positive 2.0 in July from a negative 14.2 in June and the shipments index shot up to a positive 11.5 in July from a negative 7...