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Philadelphia-area manufacturing activity unexpectedly grew at a faster rate in the month of October, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its index for current manufacturing activity in the region climbed to 27.9 in October from 23.8 in September, with a positive reading indicating growth.
The increase by the Philly Fed index came as a surprise to economists, who had expected the index to drop to 22.0.
