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Manufacturing activity in the Philadelphia area saw slower growth in the month of October, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current activity fell to 23.8 in October from 30.7 in September, although a positive reading still indicates growth. Economists had expected the index to drop to 25.0.

Looking ahead, the survey’s future indexes suggest that the surveyed firms remained generally optimistic about growth over the next six months.


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