India, Feb. 15 -- A report released by the Federal Reserve Bank of New York on Thursday showed regional manufacturing activity has contracted at a substantially slower rate in the month of February.
The New York Fed said its general business conditions index skyrocketed to a negative 2.4 in February from a negative 43.7 in January, although a negative reading still indicates contraction. Economists had expected the index to surge to a negative 15.0.
The sharp increase by the headline index was partly due to a substantial turnaround by shipments, with the shipments index spiking to a positive 2.8 in February from a negative 31.3 in January.
The report also showed new orders contracted at a significantly slower rate, as the new orders inde...