Manufacturing in the Philadelphia Region Unexpectedly Shrinks
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Manufacturing in the Philadelphia region unexpectedly contracted in February for a second month.
The Federal Reserve Bank of Philadelphia’s general economic index dropped to minus 12.5, the lowest reading since June, from minus 5.8 in January. Readings lower than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The median forecast of 58 economists surveyed by Bloomberg projected an increase to 1.