Manufacturing activity in Philadelphia continues to decline
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.