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Economic Report: Philly Fed index pulls back modestly to 9.7 in October

Paul Taggart/Bloomberg

An employee works in the shop on specialty metal products at the Amuneal Manufacturing plant in Philadelphia

The Philadelphia Federal Reserve Bank’s monthly index on regional manufacturing fell to 9.7 in October from 12.8 in September, which was the highest reading in 19 months, according to data released Thursday.

Economists polled by MarketWatch has expected the Philly Fed gauge to pull back to 7 in October.

Any reading above zero indicates that a net share of respondents saw a net increase in the level of general business activity.

The details of the report improved markedly.

The gauge of new orders jumped to 16.3 in October from 1.4 in the prior month while the shipments index rose 24 points to 15.3.

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