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A report released by the Federal Reserve Bank of Philadelphia on Thursday showed the pace of growth in regional manufacturing slowed by more than anticipated in the month of April following a significant rebound in the previous month.
The Philly Fed said its index for current manufacturing activity in the region dropped to 8.5 in April after jumping to 13.7 in March.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a more modest pullback to 10.4.
