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Philly Fed Index Unexpectedly Turns Negative In February

Philadelphia-area manufacturing activity contracted for the first time since May of 2016, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.

The Philly Fed said its index for current manufacturing activity in the region tumbled to a negative 4.1 in February from a positive 17.0 in January, with a negative reading indicating contraction. The index had been expected to slip to 14.0.

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