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Philly Fed Index Jumps Much More Than Expected In January

A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a substantial acceleration in the pace of growth in regional manufacturing activity in the month of January.

The Philly Fed said its diffusion index for current activity soared to 26.5 in January from a revised 9.1 in December, with a positive reading indicating growth in regional manufacturing activity.

Economists had expected the Philly Fed Index to inch up to 12.0 from the 11.1 originally reported for the previous month.

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