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The Federal Reserve Bank of Philadelphia released a report on Thursday showing a sharp increase by its reading on regional manufacturing activity in the month January.
The Philly Fed said its diffusion index for current general activity surged to a positive 12.6 in January from a negative 8.8 in December, with a positive reading indicating growth. Economists had expected the index to climb to a negative 3.5.
Looking ahead, the Philly Fed said most of the survey's broad indicators for future activity declined but continued to suggest expectations for overall growth over the next six months.
