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Philadelphia Fed factory gauge slides again from 33-year high, but remains elevated

The manufacturing index from the Philadelphia Fed slid in April, but from high levels, suggesting slower growth in the factory sector after a post-election surge. The index fell to 22.0 from 32.8. It had hit a 33-year high of 43.3 in February and has receded every month since then. In a diffusion index, any reading over zero signals growth, and the regional bank called April’s reading “relatively high.”

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