Philadelphia-area manufacturing activity unexpectedly contracted at an accelerated rate in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity slid to a negative 10.5 in December from a negative 5.9 in November, with a negative reading indicating a contraction. Economists had expected the index to inch up to a negative 3.0.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.