Philly Fed index drops to 8.5 from 12.5 in April

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Philly Fed index drops to 8.5 from 12.5 in April (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Manufacturing activity in the Philadelphia region grew at a slower pace in April, the Philadelphia Federal Reserve reported Thursday. The bank's business condition index fell to 8.5 from 12.5 in March. Economists polled by MarketWatch expected the index to fall to 10.8. The Fed also reported that the index for new orders slipped to 2.7 from 3.3 in March; shipments fell to 2.8 from 3.5; and prices paid rose to 22.5 from 18.7. Yet the index for number of employees jumped to 17.9 from 6.8 in March, suggesting that manufacturers continued to hire more workers.

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