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Growth in Philadelphia-area manufacturing activity showed a significant acceleration in the month of May, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday.
The Philly Fed said its diffusion index for current general activity jumped to 16.6 in May after falling to 8.5 in April, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 9.0.
The survey's indexes for general activity, shipments, and employment all increased, while the new orders index decreased modestly but remained positive.
