After reporting growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing a significant downturn in activity in the month of September.
The Philly Fed said its diffusion index for current activity tumbled to a negative 13.5 in September from a positive 12.0 in August, with a negative reading indicating contraction. Economists had expected the index to slump to a negative 0.7.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.