Philadelphia Fed Reports Improved Manufacturing Conditions

Written by Sandy Williams

Manufacturing conditions in the Philadelphia area improved in June, according to the June Manufacturing Business Outlook Survey published by the Federal Reserve Bank of Philadelphia.

The survey’s indicators for general activity, new orders, and shipments all improved from their readings in May. The headline diffusion index for current activity increased to 15.2 in June from 6.7 in May.

Employment levels increased modestly this month. Survey respondents reported higher prices for inputs and more price increase than decrease for their own manufactured products.

Philadelphia manufacturers are expecting improving conditions during the next six months, in particular for future new orders and shipments. The future employment index was flat, increasing just one point in June. The future capital expenditures index was as its lowest reading since March 2013, falling 9 points this month.

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