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Philly Fed Index Rebounds But Remains Firmly Negative In May

A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a slowdown in the pace of contraction in regional manufacturing activity in the month of May.

The Philly Fed said its diffusion index for current general activity climbed to a negative 43.1 in May from a negative 56.6 in April. Economists had expected the index to increase to a negative 41.5.

The index rebounded from the nearly 40-year low set in the previous month, but a negative reading still indicates a contraction in regional manufacturing activity.

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