Manufacturing activity in the Philadelphia region declined this month but showed expansion, the Federal Reserve Bank of Philadelphia said.
The area’s factory index fell to a reading of 3.6, from 8.7 in October. Readings greater than zero indicate expansion.
The reading was below economists’ forecasts of a 9 reading, Bloomberg reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.
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