Philly Fed Index Falls To -41.3 In February

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15:07 GMT

Feb 2009

Philly Fed Index Falls To -41.3 In February

(RTTNews) - Activity in the Philadelphia-area manufacturing sector contracted at a much faster than expected pace in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The report showed that the index of activity in the sector fell to a negative 41.3 in February from a negative 24.3 in January, with a negative reading indicating a contraction in the sector. Economists had expected the index to edge down to a negative 25.0.

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