WASHINGTON (dpa-AFX) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a substantial pullback by its reading on regional manufacturing activity in the month of October.
The Philly Fed said its diffusion index for current general activity plunged to a negative 12.8 in October after spiking to a positive 23.2 in September, with a negative reading indicating contraction. Economists had expected the index to slump to a positive 10.0.
With the much bigger than expected decrease, the Philly Fed index tumbled to its lowest level since hitting a negative 26.4 in April.
Meanwhile, the Philly Fed said the survey's future indicators suggest widespread expectations for growth over the next six months, as the diffusion index for future general activity rose to a five-month high of 36.2 in October from 31.5 in September.
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