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Economic Report: Philly Fed manufacturing report shows slowing growth in July

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It was just a touch less sunny in Philadelphia for area manufacturers in July.

Manufacturers reported solid, but slowing, growth in July, according to data released Thursday.

The Philadelphia Federal Reserve said its manufacturing survey in July fell to 19.5 from 27.6 in June.

Any reading above zero indicates improving conditions. Economists polled by Econoday expected a reading of 22.

The indexes for activity, new orders, shipments, employment and work hours were all positive but fell from June levels.

A similar report from the New York Fed released earlier this week also showed a deceleration in July.

The drops come at a time when manufacturing is showing signs of recovery, but largely because of gains in the oil and gas sector.

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