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Philly Fed Index Drops More Than Expected In June

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

The Philly Fed said its index for current manufacturing activity in the region decreased to 27.6 in June from 38.8 in May, although a positive reading still indicates growth. The index had been expected to drop to 24.0.

The drop by the headline index was partly due to a slowdown in the pace of shipment growth, as the shipments index tumbled to 28.5 in June from 39.1 in May.

The number of employees index also dipped to 16.1 in June from 17.3 in May, indicating a slowdown in the pace of job growth.

On the other hand, the Philly Fed said the new orders inched up to 25.9 in June from 25.4 in the previous month.

The report also said the prices received index rose to 20.6 in June from 15.3 in May, while the prices paid index dipped to 23.6 from 24.2.

Looking ahead, the Philly Fed said the diffusion index for future general activity fell to 31.3 in June from 34.8 in May.

by RTT Staff Writer

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