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The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index slid to -6.0 in September from 8.3 in August, missing expectations for a decline to 6.0. It was the first negative reading since February 2014.
A reading above zero indicates expansion.
The shipments index was down 14.8 in September from 16.7 in August.
The new orders index increased to 9.4 in September from 5.8 in August.
The prices paid index slid to 0.5 in September from 6.2 in August, while the prices received index decreased to -5.0 from -4.9.
The number of employees index rose to 10.2 in September from 5.3 last month.
According to the report, the future general activity index rose to 44.0 in September from 43.1 in August.
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