Philadelphia Fed Index Slumps to -7.7 From +5.1

The Philadelphia region's manufacturing sector weakened in August as the general business conditions index tumbled to negative 7.7 from positive 5.1 in July, the Federal Reserve Bank of Philadelphia Report on Business indicates.

Economists predicted a reading of 7.0 for the index.

The prices paid index was 11.8 compared to 13.1 last month, the new orders index fell to negative 7.1 from negative 4.3, and the shipments index slumped to negative 4.5 from positive 4.0.

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