Manufacturing in Philadelphia Fed Region Expanded in July
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Manufacturing in the Philadelphia region rebounded in July from its first contraction this year, a sign factories are recovering from earlier supply shortages caused by Japan’s earthquake.
The Federal Reserve Bank of Philadelphia’s general economic index rose to 3.2 from minus 7.7 the prior month. Readings greater than zero signal growth in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The median forecast of 57 economists surveyed by Bloomberg News was 2. Estimates ranged from minus 6 to 10.