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Thursday, July 19, 2007

Philadelphia Fed's Factory Index Fell to 9.2 in July

" Manufacturing in the Philadelphia region slowed more than forecast this month as orders cooled.

The Federal Reserve Bank of Philadelphia's general economic index decreased to 9.2 in July from 18 in June, which was the highest level in more than two years, the bank said today. A positive number signals expansion.

Elevated energy costs and slowing consumer demand may be prompting manufacturers to think twice about cranking up production. Today's report raises questions about the strength of the rebound in manufacturing, which is forecast to help the economy withstand the deepest housing recession in 16 years. "

Source: Philadelphia Fed's Factory Index Fell to 9.2 in July (Update1) (http://www.bloomberg.com/apps/news?pid=20601087&sid=a2BDS4edRZy0&refer=home)