After reporting a slight improvement in regional manufacturing conditions in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing that regional manufacturing activity unexpectedly contracted in December.
The Philly Fed said its diffusion index for current activity fell to a negative 5.9 in December from a positive 1.9 in November, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to edge down to a positive 1.2.
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