Philly Fed Index Dips In Line With Estimates In September

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Growth in Philadelphia-area manufacturing activity slowed modestly in the month of September, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current activity slipped to 15.0 in September after dropping to 17.2 in August, although a positive reading still indicates growth in regional manufacturing. The dip by the index matched economist estimates.

Meanwhile, the report said nearly all of the future indexes increased, suggesting more widespread optimism among firms about growth over the next six months.

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