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Results of a survey released by the Federal Reserve Bank of Philadelphia on Thursday showed that regional manufacturing activity unexpectedly grew at an accelerated rate in the month of August, with the index of activity in the sector reaching a three-year high.
The Philly Fed said its diffusion index of current general activity climbed to 28.0 in August from 23.9 in July, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to dip to 20.0.
