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Growth in Philadelphia-area manufacturing activity has accelerated by much more than anticipated in the month of April, according to the results of the Federal Reserve Bank of Philadelphia's Business Outlook Survey released on Thursday.
The Philly Fed said its diffusion index of current activity climbed to 16.6 in April from 9.0 in March, with a positive reading indicating growth in regional manufacturing activity. Economists had been expecting the index to edge up to a reading of 10.0.
