(RTTNews) - Philadelphia-area manufacturing activity expanded overall in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity shot up to a positive 10.3 in June from a negative 0.4 in May, with a positive reading indicating growth. Economists had expected the index to jump to a positive 10.0.
Looking ahead, the diffusion index for future general activity fell to 50.2 in June from 53.2 in May, although the Philly Fed said firms continue to expect overall growth over the next six months.
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