In the August Philadelphia Fed Manufacturing Business Outlook Survey diffusion index for currency activity dropped to 19.4 in August, down from 21.9, below expectation of 24.3. It’s also the fourth consecutive decline. 28% of the firms reported increases in current activity while 9% reported decreases.
Philadelphia Fed said: “Responses to the August Manufacturing Business Outlook Survey suggest continued expansion for the region’s manufacturing sector. The indicators for current activity and shipments decreased from last month but remained elevated. Additionally, the firms reported increases in new orders and employment. The survey’s future indexes moderated this month but continue to suggest expected growth over the next six months.”
