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The Federal Reserve Bank of New York released a report on Thursday showing a substantial acceleration in the pace of growth in New York manufacturing activity in the month of July.

The New York Fed said its general business conditions index soared to 43.0 in July from 17.4 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 18.0.

Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months, although the index for future business conditions slid to 39.5 in July from 47.7 in June.


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