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The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity remained in contractionary territory for the second straight month in October.
The index improved 5 points but remained at negative 9.0. This is the index’s 15th negative reading in the past 17 months.
Economists polled by the Wall Street Journal expected a negative 6.8 reading in October.
Readings below zero indicate deteriorating conditions.
Key details: The subcomponents of the index were stronger than the headline.
The barometer on new orders increased 14.6 points to reach 4.4 in October.
The shipments index rose 14 points to 10.8. The measure on six-month business outlook edged down to 9.2 from 11.1 in September.
The employment index turned positive and prices increased.
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