Philadelphia Fed’s manufacturing gauge remains in negative territory in July for 11th straight month
The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity inched up to negative 13.5 in July from negative 13.7 in the previous month. Any reading below zero indicates deteriorating conditions. This is the 11th straight negative reading.Key... The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity inched up to negative 13.5 in July from negative 13.7 in the previous month. Any reading below zero indicates deteriorating conditions.
One bright spot was that the measure of the six-month business outlook rose to 29.1 in July, the highest reading since August 2021. The Philadelphia index is showing slightly better results than the recent trend. It had averaged negative 15.5 over the last 10 months. The ISM factory index contracted in June for the eighth straight month, falling to 46% from 46.9% in the previous month.
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