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Philly Fed Index Slumps Much More Than Expected In May

Growth in Philadelphia-area manufacturing activity showed a significant slowdown in the month of May, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday.

The Philly Fed said its current general activity index tumbled to 2.6 in May from 17.6 in April, hitting its lowest level in two years.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 16.0.

Looking ahead, the Philly Fed said the survey's future indexes remained positive but reflect muted optimism for growth over the next six months.

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