After reporting a steep drop by its reading on regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released on report on Thursday showing the index rebounded in November but remained in negative territory.
The Philly Fed said its diffusion index for current general activity jumped to a negative 1.7 in November after plummeting to a negative 12.8 in October, although a negative reading still indicates contraction. Economists had expected the index to climb to a negative 3.1.
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