By Dean SealManufacturing activity in the Philadelphia area contracted in July for the 11th consecutive month at a rate that was in line with June's reading and steeper than expected. The Federal Reserve Bank of Philadelphia said Thursday that its index for current general activity was relatively unchanged at minus 13.5 compared with minus 13.7 in June. The data, which are based on a survey among manufacturers in the region, suggest that activity continued to contract as the index came in below zero. The Philadelphia Fed survey polls manufacturing firms in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey and Delaware. More than 30% of manufacturers polled reported worsening business conditions in July, compared with 17% that said conditions improved.

Source: Wall Street Journal July 21, 2023 01:24 UTC