WASHINGTON (dpa-AFX) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing manufacturing activity in the region unexpectedly expanded overall in the month of July.
The Philly Fed said its diffusion index for current general activity surged to a positive 15.9 in July from a negative 4.0 in June, with a positive reading indicating growth. Economists had expected the index to rise to a negative 1.0.
Looking ahead, the report said the future activity indicators suggest that the firms continue to expect growth over the next six months.
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