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Philly Fed Index Edges Down Slightly More Than Expected In June

Philadelphia-area manufacturing activity expanded at a slightly slower rate in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current general activity slipped to 30.7 in June from 31.5 in May, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to edge down to 31.0.

Looking ahead, the Philly Fed said most future indicators improved, suggesting that more firms expect overall growth over the next six months.

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