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.
by RTT Staff Writer
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