Philadelphia Fed Manufacturing Index Fell to 1.3 in April
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Manufacturing in the Philadelphia region expanded in April at a slower pace than projected as fewer orders prompted managers cut back on hiring and inventories.
The Federal Reserve Bank of Philadelphia’s general economic index fell to 1.3 in April from 2 the prior month. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The median forecast of economists surveyed by Bloomberg called for a gain to 3.