Philadelphia-area manufacturing firms indicated weaker business conditions in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of regional manufacturing activity falling further into negative territory.
The Philly Fed said its diffusion index of current activity fell to a negative 16.6 in June from a negative 5.8 in May, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to rebound to a positive 0.5.
by RTT Staff Writer
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