Manufacturing in Philadelphia Fed Region Shrank in August
This article is for subscribers only.
Manufacturing in the Philadelphia region contracted in August for a fourth consecutive month as orders and employment declined.
The Federal Reserve Bank of Philadelphia’s general economic index improved to minus 7.1 in August from minus 12.9 the previous month. Economists forecast the gauge would climb to minus 5, according to the median estimate in a Bloomberg survey. A reading of zero is the dividing point between contraction and expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware.