Philadelphia-area manufacturing firms have continued to report weak business conditions in the month of August, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index of current activity rose to a negative 7.1 in August from a negative 12.9 in July, although a negative reading continues to indicate a contraction in regional manufacturing activity. Economists had expected the index to climb to a negative 5.0.
Despite the increase compared to the previous month, the Philly Fed Index remained in negative territory for the fourth consecutive month.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.