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Philadelphia-area manufacturing activity grew at a notably slower rate in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 24.0.
