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After reporting a notable slowdown in the pace of growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing the pace of growth in manufacturing activity rebounded more than expected in July.
The Philly Fed said its index for current general activity climbed to 25.7 in July from 19.9 in June, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 22.0.
