WASHINGTON (dpa-AFX) - Growth in Philadelphia-area manufacturing showed a substantial acceleration in the month of January, 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 surged up to 17.0 in January from an upwardly revised 2.4 in December. A positive reading indicates growth in regional manufacturing activity.
Economists had expected the diffusion index for current general activity to climb to 3.9 from the 0.3 originally reported for the previous month.
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