Manufacturing activity in Philadelphia continues to decline
Manufacturing activity declined in the Philadelphia region for the ninth consecutive month in August.
Manufacturing activity declined in the Philadelphia region for the ninth consecutive month in August. The Federal Reserve Bank of Philadelphia index improved to negative 12.7 in August from negative 16.3 in July, which indicates a slower pace of decline. All readings under zero indicate most firms report weaker conditions and prices pressures stabilized, with the price-paid index falling to 57.5 from 75.6. All of the major components of the index improved in August, although many were still negative. The current employment index improved to -1.1 from -7.3, the seventh negative reading in eight months. The new orders index improved slightly to -11.9 from -12.1, and the current shipments index rose to -3.3 from -8.0.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey