Economic Report: Philly Fed’s July factory activity index contracts for second straight month

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The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity dropped to negative 12.3 in July from negative 3.3 in the prior month.

Economists polled by the Wall Street Journal expected a 1.6 reading.

Any reading below zero indicates deteriorating conditions in the manufacturing sector. This is the second straight…

This article was originally published by Marketwatch.com. Read the original article here.

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