U.S. Federal Reserve Bank of Philadelphia reported that manufacturing activity in the region continued to expand in July, Trend reports citing Xinhua.
According to the July Manufacturing Business Outlook Survey, the indicators for general activity, new orders, and shipments all declined but remained elevated. Most future indexes tempered this month but continue to indicate overall optimism about growth over the next six months.
The diffusion index for current general activity fell from a reading of 30.7 in June to 21.9 this month. Both the current new orders index and the current shipments index decreased.
The firms continued to add to their payrolls this month. Although the current employment index edged down in July, over 38 percent of the responding firms reported increases in employment while only 9 percent of the firms reported decreases.
The diffusion index for future general activity fell 21 points from a near 30-year high reading in June. The future new orders index and the future shipments index both decreased while the future employment index increased.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey and Delaware.
The Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington, D.C., make up the Federal Reserve System.