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Philly Fed business index worse than expected

An employee assembles light louvers at the Mobern Lighting manufacturing facility in Jessup, Maryland.
Andrew Harrer | Bloomberg | Getty Images
An employee assembles light louvers at the Mobern Lighting manufacturing facility in Jessup, Maryland.

The Philadelphia Federal Reserve's Business index for December came in below expectations, the bank said Thursday.

The index came in at -5.9, reflecting a fall from the November number of 1.9, and below the expected gain of 1.0.