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- Philadelphia-area manufacturing activity unexpectedly expands in June
Philadelphia-area manufacturing activity unexpectedly expands in June
Philadelphia-area
manufacturing activity unexpectedly expands in June
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the region's manufacturing activity expanded
in June.
According to
the survey, the diffusion index for current general activity rose from -43.1 in
May to 27.5 this month, its first positive reading since February.
Economists had
forecast the index to increase to -23.0.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the current new orders index increased 42 points to 16.7, while the
shipments index rose 56 points to 25.3. The employment index increased 11 points
to -4.3, remaining in contraction territory. On the price front, the prices
paid index increased 8 points to 11.1, while prices received index rose 14
points to a reading of 11.0, its first positive reading since March.
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