The Federal Reserve Bank of Philadelphia released a report on Thursday showing a substantial turnaround by regional manufacturing activity in the month of January. The Philly Fed said its diffusion index for current general activity skyrocketed to a positive 44.3 in January from a negative 10.9 in December, with a positive reading indicating growth. The Philly Fed index surged its highest level since hitting 44.4 in April 2021.

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