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- Philadelphia-area manufacturing activity continues to grow in August but at slower pace
Philadelphia-area manufacturing activity continues to grow in August 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 grow in August, albeit at a slower pace than in the previous
month.
According to
the survey, the diffusion index for current general activity fell from 24.1 in
July to 17.2 this month, its third positive reading after reaching long-term
lows in the spring.
Economists had
forecast the index to decrease to 21.0.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the new orders index decreased 4 points to 19.0, while the
shipments index fell 5.9 points to 9.4 and the employment index tumbled 11.1 points
to 9.0 but stayed in positive territory for the second consecutive month. Meanwhile,
most of the future indicators of the survey remained elevated, suggesting that
the firms expect growth over the next six months.
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