According to the Business Outlook Survey conducted by the Federal Reserve Bank of Philadelphia, regional manufacturing activity has declined. Indicators of this decline appear in activity, shipments, new orders, employment, and average work hours as these are all lower this month.

However, the expectations are that overall growth in shipments, new orders, and employment will happen in the next six months even as the indicators fell back this month. The diffusion index of current activity is the lowest level since March 2009 at?30.7 in August

There were reports of lower prices paid and prices received, continuing the trend of moderating price pressures.

Source: Federal Reserve Bank of Philadelphia