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Philly Fed Index Jumps Much More Than Expected In July

After reporting nearly stagnant Philadelphia-area manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing its reading on regional manufacturing activity jumped much more than expected in the month of July.

The Philly Fed said its diffusion index for current general activity surged up to 21.8 in July after tumbling to 0.3 in June, with a positive reading indicating growth in regional manufacturing Activity. Economists had expected the index to rise to 5.0.

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