Philly Fed Index Drops More Than Expected In August

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A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity continued to expand in the month of August, although the pace of growth slowed by more than anticipated.

The Philly Fed said its diffusion index for current activity dropped to 17.2 in August from 24.1 in July, but a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to dip to 21.0.

Looking ahead, the survey’s future indexes suggest that respondents continue to expect growth in manufacturing activity over the next six months.

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