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News Summary: Philly Fed manufacturing index rises

GROWING AGAIN: Manufacturing in the Philadelphia region expanded in October following five months of declines.

THE DETAILS: The Federal Reserve Bank of Philadelphia reported Thursday that its index of regional manufacturing activity had a reading of 5.7 in October following a -1.9 reading in September. Any reading above zero indicates expansion.

THE OUTLOOK: The report was a positive sign for a U.S. manufacturing sector which had been weakening for much of the year. The gain took the Philadelphia index