Philly Fed manufacturing fell more than expected

Manufacturing activity in and near Philadelphia fell more than expected in November, according to a survey conducted by the regional Federal Reserve.
Its monthly index of current activity came in at 7.6, compared to the prior's month's reading of 9.7.
Economists had forecast that the index dropped to 7.8.
The Philly Fed noted that the results suggest that manufacturing activity continued to modestly expand, with indexes for general activity, new orders, and shipments staying positive.
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