By Ed Frankl
Manufacturing activity in the Philadelphia area expanded only slightly in June, slowing for a second month in a row, a monthly survey said.
The Federal Reserve Bank of Philadelphia's index for business activity was 1.3 in June, down from 4.5 in May, it said Thursday. That was below expectations that the index would tick up to 5.0, according to economists polled by The Wall Street Journal.
The Philadelphia Fed survey polls manufacturers in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey and Delaware.
While 24% of firms reported increases in general activity this month, 23% reported decreases, with the remaining 50% reporting no change.
Indexes for new orders and employment increased on month, but remained negative, while the shipments index fell further into negative territory, the survey said.
However, most future activity indicators remained positive, despite suggesting less widespread expectations for growth over the next six months, compared with May.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
06-20-24 0913ET
