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Economic Report: Philadelphia Fed manufacturing gauge rebounds strongly in July to highest level in a year

Bloomberg News/Landov
A semi truck sits at the end of an assembly line at the Mack Trucks Inc. cab and vehicle facility in Macungie, Pennsylvania.

The numbers: The Philadelphia Fed said Thursday its gauge of business activity in its region rebounded strongly in July after hitting its lowest level in four months in June.

The regional Fed bank’s index rose to 21.8 in July from 0.3 in June. The July level is the highest in a year. The index was 16.6 in May.

Any reading above zero indicates improving conditions. Economists polled by Econoday expected a 4.5 reading.

What happened: The barometer on new orders increased 11 points to 18.9 while the shipments index rose 8 points to 24.9.

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