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Factory activity in the U.S. Mid-Atlantic region contracted for the 10th consecutive month in July, a survey showed on Thursday, posting a worse than expected decline.
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AP |
The Philadelphia Federal Reserve Bank said its business activity index was at minus 7.5 in July versus minus 2.2 in June.
Economists polled by Reuters had forecast a reading of minus 5.0. Their 51 forecasts ranged from minus 10.8 to positive 3.0.
Any reading below zero indicates contraction in the region's manufacturing sector.
The survey covers factories in a region encompassing eastern Pennsylvania, southern New Jersey and Delaware and is looked at closely as one of the first indicators of the health of the U.S. manufacturing sector.
Earlier, the government reported that the number of U.S. workers filing new claims for jobless benefits fell sharply last week to the lowest level since January, but the data was distorted by an unusual pattern of automotive industry layoffs that amplified the drop.
Initial claims for state unemployment insurance fell 47,000 to a lower-than-expected seasonally adjusted 522,000 in the week ended July 11, the Labor Department said. Analysts polled by Reuters had forecast claims to be unchanged at 565,000 last week.
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