India, Oct. 15 -- A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a steep drop by its reading on regional manufacturing activity in the month of October.
The Philly Fed said its diffusion index for current general activity plunged to 20.9 in October from 37.8 in September, although a positive reading still indicates growth. Economists had expected the index to drop to 30.0.
The bigger-than-expected decrease by the headline index partly reflected a sharp decline by the new orders index, which plummeted to 4.3 in October from 29.2 in September.
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