The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. While it focuses exclusively on business in this district, this regional survey gives a generally reliable clue as to the direction of the broader Chicago Fed's National Activity Index.
The latest Manufacturing Index came in at 11.1, down 15.2 from last month's 26.3. The 3-month moving average came in at 23.2, up from 21.2 last month. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. The Six-Month Outlook came in at 39.2, down 5.1 from the previous month's 44.3.
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