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Philly Fed crushes expectations

Myles UdlandJun 18, 2015, 19:33 IST

The Philadelphia Federal Reserve's latest manufacturing report came in at 15.2, crushing expectations for a reading of 8.0.

This is the highest reading for the measure since December.

The report showed that demand for manufactured goods increased while employment also expanded and the number of firms increasing employment exceeded the number of firms trimming workers.

The report also indicated that more than 50% of firms surveyed intend to increase production in the second half of this year.

More to come ...

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