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Philadelphia-area manufacturing activity unexpected expanded in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity soared to a positive 27.5 in June from a negative 43.1 in May, with a positive reading indicating an expansion in regional manufacturing activity.
Economists had expected the index to show a much more modest increase to a negative 23.0, which would have still indicated a contraction.
