After reporting growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing a significant downturn in activity in the month of September.
The Philly Fed said its diffusion index for current activity tumbled to a negative 13.5 in September from a positive 12.0 in August, with a negative reading indicating contraction. Economists had expected the index to slump to a negative 0.7.
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