Manufacturing jumps: Philly Fed

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WASHINGTON (CBS.MW) -- Manufacturing activity "increased notably" in August in the Philadelphia region, the Federal Reserve Bank of Philadelphia reported Thursday.



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The bank's business index rose to 22.1 in August from 8.3 in July. It's the highest reading in more than five years. Read the full release.

Readings above zero indicate that most firms say business is getting better or no worse. About three times as many firms said activity was better in August than said it was worse.

The index has been above zero for three months.

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