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Philly Fed Index Drops Less Than Expected In February

Philadelphia-area manufacturing activity saw continued growth in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, although the pace of growth slowed from the previous month.

The Philly Fed said its diffusion index for current activity dipped to 23.1 in February from 26.5, but a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 20.0.

Looking ahead, the report said most future indexes moderated this month but continue to indicate that firms expect growth over the next six months.

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