India, Aug. 15 -- The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August.
The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.
With the unexpected increase, the general business conditions index reached its highest level since hitting 20.2 in November 2024.
The unexpected advance by the headline index partly reflected significantly faster growth by new orders, as the new orders index surged to 13.4 in August from 2.0 in July.
The report said the shipments index also crept up to 12.2 in Aug...