Manufacturing in Philadelphia Area Falls for Third Month
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Manufacturing in the Philadelphia region shrank for the third consecutive month as new orders and employment declined.
The Federal Reserve Bank of Philadelphia’s general economic index rose to minus 12.9 in July from minus 16.6 the month before. Economists forecast the gauge would improve to minus 8, according to the median estimate in a Bloomberg News survey. Readings of less than zero signal contraction in the area, which covers eastern Pennsylvania, southern New Jersey and Delaware.