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Philly Fed Index Unexpectedly Turns Positive In February

February 16, 2024
in Business
U.S. Business Inventories Increases In Line With Estimates In December

Manufacturing activity in the Philadelphia area has seen a significant turnaround in the month of February, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.

The Philly Fed said its diffusion index for current general activity surged to a positive 5.2 in February from a negative 10.6 in January, with a positive reading indicating growth. Economists had expected the index to rise to a negative 8.0.

Looking ahead, the Philly Fed said the survey’s broad indicators for future activity rose, suggesting more widespread expectations for overall growth over the next six months.

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Tags: Breaking NewsEconomic News

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