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- Expansion in Philadelphia-area manufacturing activity slows in August
Expansion in Philadelphia-area manufacturing activity slows in August
Expansion in
Philadelphia-area manufacturing activity slows in August
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the expansion in the region's manufacturing
activity slowed in August.
According to
the survey, the diffusion index for current general activity fell from 16.8 in
July to 21.8 this month.
Economists had
forecast the index to decrease to 10.0 last month.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
The August decline
in the headline index was due to decreases in the employment index (-26.4
points to 3.6 in August, its lowest reading since November 2016), the shipments
index (-5.9 points to 19) and delivery times index (-5.7 points to 9.3). Meanwhile,
the new orders (+6.9 points to 25.8), the unfilled orders (+5.4 points to 9.1) and
the inventories (+0.6 points to 8.7) indexes posted gains.
On the price
front, the prices paid index rose this month, while prices received index fell.
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