After reporting contractions in Philadelphia-area manufacturing activity in the two previous months, the Federal Reserve Bank of Philadelphia released a report on Thursday showing regional manufacturing activity unexpectedly returned to growth in the month of August.
The Philly Fed said its diffusion index for current activity jumped to a positive 6.2 in August from a negative 12.3 in July, with a positive reading indicating growth. Economists had expected the index to rebound to a negative 5.0.
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