A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity expanded overall in the month of February.
The Philly Fed said its diffusion index for current general activity climbed to 16.3 in February from 12.6 in January, with a positive reading indicating growth. Economists had expected the index to decrease to 7.7.
Looking ahead, the report said expectations for growth over the next six months were more widespread, with the diffusion index for future general activity spiking to 42.8 in February from 25.5 in January.
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