The Federal Reserve Bank of Philadelphia said Thursday that its index for current general activity was minus 10.5, down from minus 5.9 in November. The Philadelphia Fed survey polls manufacturing firms in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey and Delaware. Almost 26% of firms reported falling activity, while 15% reported increases, the Philadelphia Fed said. By contrast, the shipments index rose, but it remains in negative territory, the survey said. However, the survey's indicators for future activity improved, suggesting more widespread expectations for growth over the next six months, despite staying below long-run averages, the Philadelphia Fed added.

Source: Wall Street Journal December 21, 2023 14:08 UTC