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Philadelphia Manufacturing Index Contracts
Manufacturing activity in the Philadelphia region contracted in June, Federal Reserve Bank of Philadelphia said Thursday.
The regional Fed’s index fell to minus 16.6, the lowest level since August, a minus 5.8 in May.
Readings greater than zero indicate expansion, while below that level show contraction.
Economists had forecast the index would improve to zero, Bloomberg reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.
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