The Federal Reserve Bank of Philadelphia released a report on Thursday showing the pace of growth in regional manufacturing activity slowed by much more than anticipated in the month of December.
The report said the Philly Fed Index tumbled to 11.1 in December after falling to 26.3 in November. While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 20.0.
Looking ahead, the Philly Fed said changes in future indexes were mixed this month but suggest that overall growth is expected to continue over the next six months.
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