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 23.1, down 3.4 from last month's 26.5. The 3-month moving average came in at 19.6, down from 19.9 last month. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. The Six-Month Outlook came in at 39.5, down 13.3 from the previous month's 52.8.
The 23.1 headline number came in above the 20.0 forecast at Investing.com.
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