USA: Philly Fed index down slightly in June

(CercleFinance.com) - Growth in economic activity in the Northeastern United States slowed in June, according to the latest business survey published by the Federal Reserve Bank of Philadelphia.


The Philly Fed index fell by three points to +1.3 this month, as a figure above zero indicates growth in manufacturing activity in the region.

The report - considered one of the first leading indicators of the health of the US manufacturing sector - shows the new orders sub-index still negative, but improving from -7.9 in May to -2.2 in June.

The employment sub-index fell from -7.5 to -2.5, while the prices paid sub-index rose by four points to 22.5.

According to the survey, more than 32% of companies surveyed said they expected business to increase over the next six months, 19% a decline and 47% stable.

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