Posted July 15, 2010
Philly area manufacturing growth slows
Philadelphia regional manufacturing activity continued to expand in July but has slowed over the past two months.
According to firms polled for July's Business Outlook Survey by the Philadelphia Fed, manufacturers reported a decline in new orders compared with June. Employment showed a slight improvement this month. The survey's broad indicators of future activity continue to suggest that the region's manufacturing executives expect growth in business over the next six months, but optimism has waned notably in recent months.
The survey's broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from a reading of 8 in June to 5.1 in July. The index, although still positive and suggesting growth, has fallen for two consecutive months
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