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MW: Philly Fed index turns negative, drops to six-month low in July
 
Activity of U.S. manufacturers in the Philadelphia region contracted in July, suggesting the hard-hit sector continues to struggle.

The Philadelphia Federal Reserve’s index of business conditions declined to negative 2.9 this month from positive 4.7 in June. This is the ninth month of declining activity of the past 11 months and the slowest pace in six months.

Economists polled by MarketWatch had expected the index to slip in July but remain at positive 3.5. Any number below zero means more companies are expanding instead of contracting.

The headline of the Philly Fed survey dovetailed with a similar report by New York Fed, known as the Empire State index, which was a positive but meager 0.6 in July.
However, in contrast with other surveys, the headline Philly Fed index reading comes from a separate question on general business conditions, as opposed to aggregating the underlying survey results.

Also read: Since 1973, there hasn’t been a jobless-claims streak like this

Details of the Philly Fed report were less worrisome.

The index for new orders rose to 11.8 this month from negative 3 in the prior month.

The shipments index increased to 6.3 in July from negative 2.1.

And more manufacturers in the Philadelphia region expect business to be better six months from now with the index for future general activity rising 4 points to 33.7.

Jesse Hurwitz, an economist at Barclays, said the data show that manufacturing activity in the northeast is “stagnant but relatively stable.”

“Stability in national manufacturing in the second half of this year will be an important condition for other sectors in the U.S. economy, namely services, to rebound from a relatively softer first half,” Hurwitz said.

The two regional manufacturing reports are of interest to traders primarily because they are seen as an early forecast of the national Institute for Supply Management factory survey due in two weeks.

The ISM manufacturing index rose to 53.2% in June from 51.3% in May, the fastest pace in fifteen months.

Source