Philadelphia Factory Index Unexpectedly Falls

There’s been a lot of mixed news on manufacturing lately. We saw surprising growth in New York this week, but today, Philly wasn’t so kind.

Manufacturing activity in Philadelphia shrank at its fastest rate since 2001 this month. The Federal Reserve Bank of Philadelphia reported that the general economic index fell to -24.9, lower than economists had forecast. It’s possible that much of the downturn can be explained by a strike at American Axle & Manufacturing.

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