Manufacturing in New York Region Grew at a Faster Pace

Manufacturing in the New York region expanded in July at a faster pace than anticipated, signaling factories will keep contributing to growth.

The Federal Reserve Bank of New York’s general economic index rose to 7.4 from 2.3 in June. The median forecast of 51 economists surveyed by Bloomberg News called for an increase to 4.0. Readings greater than zero signal expansion in the so-called Empire State Index that covers New York, northern New Jersey and southern Connecticut. The last negative reading was in October.