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After reporting an unexpected expansion in Philadelphia-area manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing a modest slowdown in the pace of growth in the month of July.
The Philly Fed said its diffusion index for current general activity dipped to 24.1 in July after skyrocketing to 27.5 in June, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to pull back to 20.0 percent.
