Mumbai, Feb. 19 -- A report released by the Federal Reserve Bank of New York on Tuesday showed a turnaround by regional manufacturing activity in the month of February.
The New York Fed said its general business conditions index jumped to a positive 5.7 in February after slumping to a negative 12.6 in January, with a positive reading indicating growth. Economists had expected the index to climb to a negative 1.0.
The bigger than expected rebound by the headline index partly reflected a sharp increase by the new orders index, which spiked to a positive 11.4 in February from a negative 8.6 in January.
The report also showed a substantial turnaround by shipments, as the shipments index surged to a positive 14.2 in February from a negative 1...