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Growth in Philadelphia-area manufacturing activity slowed by more than expected in the month of November, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current manufacturing activity in the region dropped to 22.7 in November from 27.9 in October.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a more modest decrease to 25.0.
