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Philly Fed Index Unexpectedly Rebounds To 30.7 In September

Growth in Philadelphia-area manufacturing activity unexpectedly reaccelerated in the month of September, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current activity jumped to 30.7 in September from 19.4 in August, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to edge down to 19.0.

Looking ahead, the Philly Fed said the survey's future general activity and new orders indexes continued to moderate, but the surveyed firms remained generally optimistic about growth over the next six months.

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