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Economic Buzz: Philly Fed Index Indicates Slower Growth In August
(16-Aug-2019, 10:06 Hours IST)
Philadelphia-area manufacturing activity saw continued growth in the month of August, 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 dropped to 16.8 in August after surging up to 21.8 in July, although a positive reading still indicates growth in regional manufacturing activity. The pullback by the headline index was partly due to a slowdown in the pace of shipment growth, with the shipments index slumping to 19.0 in August from 24.9 in July. The number of employees index also plunged to 3.6 in August from 30.0 in July, indicating a significant slowdown in the pace of job growth. On the other hand, the report said the new orders index climbed to 25.8 in August from 18.9 in July, helping to limit the downside for the headline index.

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