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- Expansion in Philadelphia-area manufacturing activity rebounds strongly in July
Expansion in Philadelphia-area manufacturing activity rebounds strongly in July
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the expansion in the region's manufacturing
activity rebounded strongly in July.
According to
the survey, the diffusion index for current general activity surged from 0.3 in
June to 21.8 this month.
Economists had
forecast the index to increase to 5.0 last month.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
The July climb
in the headline index was due to increases in the indexes for new orders (from
8.3 in June to 18.9), shipments (from 16.6 to 24.9) and employment (from 15.4 to
30). On the price front, the prices paid and prices received indexes both rose this
month but remained well below their readings over the past few years.
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