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Growth in Philadelphia-area manufacturing activity slowed by much more than anticipated in the month of August, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its index for current general activity tumbled to 11.9 in August from 25.7 in July. While a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to show a much more modest drop to 22.0.
