WASHINGTON (dpa-AFX) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a continued contraction in regional manufacturing activity in the month of October.
The Philly Fed said its diffusion index for current activity inched up to a negative 8.7 in October from a negative 9.9 in September, but a negative reading still indicates a contraction. Economists had expected the index to climb to a negative 5.0.
Looking ahead, the Philly Fed said the survey's future general activity indexes suggest that the surveyed firms expect declines overall over the next six months.
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