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June Philadelphia Fed Manufacturing Index Rises More Than Expected

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The Philadelphia Federal Reserve's monthly manufacturing index rose to 10.3 in June after decreasing to minus 0.4 in May, compared with expectations for a slightly smaller increase to a reading of 10.0 in a survey compiled by Bloomberg.

There were increases in the readings for new orders, shipments and employment, but the reading for inventories decreased.

The prices paid measure rose to 53.2 from 47.9 in the previous month, with nearly 54% of respondents still experiencing higher prices compared with virtually none that reported paying lower prices.

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