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- Growth of Philadelphia-area manufacturing activity unexpectedly slows in August
Growth of Philadelphia-area manufacturing activity unexpectedly slows in August
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 early August, albeit at a slower pace than in July.
According
to the survey, the diffusion index for current general activity fell from 21.9 in July to 19.4 this month. This
was the lowest reading since December 2020.
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 new orders index rose 5.8 points to 22.8 this month, while the
current shipments index fell 5.7 points to 18.9. Elsewhere, the current
employment index increased 3.4 points to 32.6. On
the price front, the prices paid diffusion index went up 1.5 points to 71.2,
while the current prices received index jumped 7.1 points to 53.9, its
highest reading since May 1974.
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