Philly Fed manufacturing index dips a bit more than expected in June
By Alexander Bueso
Date: Thursday 15 Jun 2023
(Sharecast News) - Manufacturing sector activity in the US mid-Atlantic region weakened a tad more than expected in June, the results of a closely followed survey showed.
The Federal Reserve Bank of Philadelphia's regional factory index slipped from April's reading of -10.4 to -13.7.
Economists had forecast a reading of -12.3.
A drop in the sub-index for new orders from -8.9 to -11.0 accounted for most of the decline in the headline gauge.
In parallel, the sub-index for prices paid dipped from 10.9 to 10.5, while that for employment jumped back from -8.6 to -0.4.
On a more positive note, a sub-index tracking businesses' outlook six months ahead improved from -10.3 to 12.7.
A separate regional survey published by the Federal Reserve Bank of New York surprised sharply to the upside, coming at 6.6 for June, against a reading of -31.8 for May (consensus: -15.6).
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