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Philly Fed Index Unexpectedly Indicates Faster Growth In February

Partly reflecting a jump in demand, the Federal Reserve Bank of Philadelphia released a report on Thursday unexpectedly showing another substantial acceleration in the pace of growth in Philadelphia-area manufacturing activity in the month of February.

The Philly Fed said its diffusion index for current general activity skyrocketed to 36.7 in January after spiking to 17.0 in January, with a positive reading indicating growth in regional manufacturing activity.

The continued increase by the Philly Fed Index came as a surprise to economists, who had expected the index to dip to 12.0. With the unexpected jump, the Philly Fed Index reached its highest reading since February of 2017.

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