Philly Fed: Philly Fed Factory Activity Picks Back Up in July – CNBC

Philly Fed: Philly Fed Factory Activity Picks Back Up in July – CNBC.

Factory activity in the U.S. Mid-Atlantic region bounced back in July after unexpectedly shrinking the month before, but still remained at a weak level, a survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business activity index rose to positive 3.2 from minus 7.7 the month before. That topped economists’ expectations for 2.0, according to a Reuters poll. Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.

It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management…


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