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Philadelphia-area manufacturing activity was nearly flat in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity tumbled to 0.3 in December from 10.4 in November, with zero serving as the demarcation point between contraction and expansion. Economists had expected the index to dip to 8.0.
With the much bigger than expected decrease, the Philly Fed Index slumped to its lowest reading in six months.
While the broad indicator for current activity dropped to a reading near zero this month, indicators for new orders, shipments, and employment remained at higher positive readings.
