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Philly Fed Index Shows Unexpected Drop In February

Manufacturers in the Philadelphia region have seen a decline in activity in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its index of current activity fell to a negative 12.5 in February from a negative 5.8 in January, with a negative reading indicating a contraction in regional manufacturing activity.

The drop by the Philly Fed index came as a surprise to economists, who had been expecting the index to climb to a positive 1.1.

by RTT Staff Writer

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