India, July 16 -- A report released by the Federal Reserve Bank of Philadelphia on Thursday showed its reading on regional manufacturing activity soared by much more than expected in the month of July.
The Philly Fed said its diffusion index for current general activity skyrocketed to 41.4 in July from 10.3 in June, with a positive reading indicating growth. Economists had expected the index to rise to 13.0.
With the much bigger than expected increase, the index surged to its highest level since hitting 44.0 in November 2021.
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