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Philly Fed survey shows slowing growth in November

Philly Fed survey shows slowing growth in November (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Philadelphia Fed manufacturing survey in November slowed to a reading of 3.6 from 8.7 in October. Economists polled by MarketWatch expected a 10.0 reading. The survey's indicators for activity, shipments, and new orders recorded positive readings this month, but all declined slightly from their October readings, the Philly Fed said. The index, designed so that readings above zero indicate improving sentiment compared to the previous month, has been volatile this year, reaching as high as 43.4 in March but dropping to -30.7 in August.