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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