RTTNews - While activity in the mid-Atlantic region's manufacturing sector has continued to contract in the month of June, the Federal Reserve Bank of Philadelphia released a report on Thursday showing that the pace of contraction has slowed by much more than economists had been excepting.

The Philly Fed said its index of activity in the manufacturing sector rose to a negative 2.2 in June from a negative 22.6 in May, with a negative reading indicating a contraction in the sector. Economists had been expecting a much more modest increase to a reading of negative 17.0.

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