Manufacturing firms in the mid-Atlantic region reported nearly flat business activity in September, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of activity in the sector rising much more than expected.
The Philly Fed said its diffusion index of current activity rose to a negative 1.9 in September from a negative 7.1 in August. While a negative reading still indicates a contraction in regional manufacturing activity, economists had expected the index to show a more modest increase to a negative 4.0.
by RTT Staff Writer
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