(Photo: Reuters)
The Philadelphia Federal Reserve’s Manufacturing Business Outlook survey of the mid-Atlantic region increase to 15.2 in June from 6.7 the month prior. The reading far outpaced Wall Street expectations for a rise to 8.
“Firms reported higher prices for raw materials and other inputs in June compared with reported price decreases in recent months,” the report said. “The survey’s indicators of future activity suggest that firms expect continuing growth in the manufacturing sector over the next six months.”
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