Philadelphia Federal Reserve Bank’s manufacturing index climbs to 4.7 in June
The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index climbed to 4.7 in June from -1.8 in May.
A reading above zero indicates expansion, while a reading below zero indicates contraction.
"Firms responding to the Manufacturing Business Outlook Survey reported little growth this month. Though the indicator for general activity was positive in June, other broad indicators continued to reflect general weakness in business conditions," the Philadelphia Federal Reserve Bank said in its survey.
The shipments index fell to -2.1 in June from -0.5 in May.
The new orders index decreased to -3.0 in June from -1.9 in May.
The prices paid index rose to 23.0 in June from 15.7 in May, while the prices received index slid to 3.9 from 14.8.
The number of employees index was down to -10.9 in June from -3.3 in May.
According to the report, the future general activity index fell to 29.8 in June from 36.1 in May.