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- Philadelphia-area manufacturing activity continues to expand in July but at slower pace
Philadelphia-area manufacturing activity continues to expand in July but at slower pace
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the region's manufacturing activity continued
to expand in July, albeit at a slower pace than in the previous month.
According to
the survey, the diffusion index for current general activity fell from 27.5 in June
to 24.1 this month, its second positive reading after reaching long-term lows
in the spring.
Economists had
forecast the index to decrease to 20.0.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the new orders index increased 6.3 points to 23.0, while the
shipments index fell 10 points to 15.3. At the same time, unfilled orders rose
4 points to 3.9, while delivery times dropped 7 points to -6.4, suggesting
shorter delivery times. The employment index jumped 24 points to 20.1, its
highest reading since October 2019. On the price front, the prices paid index
increased 5 points to 15.7, while prices received index held steady at 11.5.
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