RSS Philly Fed Index Unexpectedly Slides Further Into Negative Territory In December

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 RSS Philly Fed Index Unexpectedly Slides Further Into Negative Territory In December

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In December, manufacturing activity in the Philadelphia area witnessed an overall decline, as reported by the Federal Reserve Bank of Philadelphia on Thursday. The bank's diffusion index, which measures current general activity, fell to -16.4 in December, a decrease from November's -5.5, indicating a contraction in the sector. This result was contrary to economists' projections, who anticipated the index would rise to 3.0.

Looking forward, the report highlighted that broad indicators for future activity in the sector still point to widespread expectations of growth over the next six months. However, it is noteworthy that the diffusion index for future general activity experienced a sharp drop, falling to 30.7 in December from 56.6 in November.

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