FX.co ★ New York Manufacturing Index Pulls Back Less Than Expected In July

After reporting a significant turnaround in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Monday showing a pullback in the pace of growth in the month of July.

The New York Fed said its general business conditions index fell to 1.1 in July after surging to 6.6 in June, although a positive reading still indicates growth. Economists had expected the index to drop to zero.

Looking ahead, the New York Fed said firms expect conditions to improve but noted optimism remains muted.