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A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a slowdown in the pace of growth in Philadelphia-area manufacturing activity in the month of July.

The Philly Fed said its diffusion index for current general activity fell to 21.9 in July from 30.7 in June, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to slip to 28.0.

Meanwhile, the report said the diffusion index for future general activity tumbled to 48.6 in July from a nearly 30-year high of 69.2 in June.


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