Manufacturing activity in the Federal Reserve Bank of Philadelphia’s region “continued to contract this month,” as the general business conditions index widened to negative 17.1 in June from negative 15.6 in May, this month’s Report on Business indicates.
Economists surveyed by IFR Markets predicted a reading of negative 10.0 for the index.
The prices paid index was 69.3, compared to 53.8 in May. The new orders index fell to negative 12.4 from negative 3.7, while shipments reversed to negative 6.7 from positive 2.2.
The six-months-from-now general business conditions index declined to positive 21.3 from positive 28.2 in last month’s survey.
