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August Philadelphia Fed Manufacturing Index Jumps Unexpectedly

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The Philadelphia Federal Reserve's monthly manufacturing index rose to 47.4 in August after surging to 41.4 in July, compared with expectations for a decrease to a reading of 24.8 in a survey compiled by Bloomberg.

There was an increase in the reading for number of employees while readings for new orders, shipments and inventories declined.

The prices paid measure fell to 40.9 from 53.9 in the previous month, with nearly 41% of respondents still experiencing higher prices compared with none reporting paying lower prices.

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