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Factory activity weakens sharply in Philadelphia

Factory activity weakens sharply in Philadelphia (by Greg Robb)

WASHINGTON (MarketWatch)-- Manufacturing activity weakened sharply in the Philadelphia region in August, the Philadelphia Federal Reserve reported Thursday. The bank's business condition index fell to negative 30.7 in August from 3.2 in July. This is the lowevel level since March 2009. The size of the decline surprised analysts. Economists polled by MarketWatch expected a slight decline in the index to 0.5. The headline business condition index is a separate question and not a buildup of components. As a result, economists pay close attention to the details of the report, which were also very weak. The index for new orders fell to negative 26.8 in August from 0.1 in July. The index for number of employees decreased to negative 5.2 in August from 8.9 in the prior month. The prices paid index declined to 12.8 in August from 25.1 in July.