NEW YORK (Reuters) - Mid-Atlantic factory activity declined less rapidly in August while weekly jobless claims fell, in two reports on Thursday that revealed morsels of good news in an otherwise bleak economic environment.However, an index of leading economic indicators published by industry group The Conference Board posted its largest one-month decline in nearly a year, suggesting the underlying picture continues to deteriorate.
The Philadelphia Federal Reserve Bank said its business activity index rose to minus 12.7 in August, the highest since December, from minus 16.3 in July. Below zero readings point to contraction in the sector, which by this measure has been shrinking since late last year.
Weekly applications for unemployment benefits, meanwhile, fell by 13,000 to a seasonally-adjusted 432,000 in the week ending August 16.
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