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The Philadelphia Fed manufacturing index report is due for release later today. Economists forecast that manufacturing activity as measured by the index will fall to 7.3 for October.
This comes after the index stood at 12.0 in September. The Philly Fed manufacturing index has rebounded sharply after slipping to 0.3 in June. This was the second-lowest reading on the index. It had previously slipped to zero in February this year.
The Philly Fed manufacturing index is a regional index from the Philadelphia Federal Reserve Bank. It covers businesses in the regions of eastern and central Pennsylvania, the nine southern counties of New Jersey, and Delaware.
Therefore, the report is rather limited in scope. It doesn’t have much impact.
However, the results of the Philly Fed Business Outlook Survey (as it is also known as) feeds into the Chicago Fed national act...
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