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Financial News: Philly Fed Index Indicates Notably Slower Growth In

Philly Fed Index Indicates Notably Slower Growth In June

06/21/2018 - 09:14:00 (RTTNews)

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a much bigger than expected slowdown in the pace of growth in regional manufacturing activity in the month of June.

The Philly Fed said its index for current general activity slumped to 19.9 in June from 34.4 in May. While a positive reading still indicates growth in regional manufacturing activity, the index had been expected to dip to 29.0.

The bigger than expected decrease by the headline index was partly due to a steep drop by the new orders index, which tumbled to 17.9 in June from 40.6 in May.

The report also showed a slowdown in the pace of price growth, as the prices paid index edged down to 51.8 in June from 52.6 in May and the prices received index dipped to 33.2 from 36.4.

On the other hand, the shipments index rose to 28.7 in June from 25.8 in May and the number of employees index inched up to 30.4 from 30.2.

The Philly Fed said expectations for the next six months continued to moderate but remain positive overall. The index for future general activity fell to 34.8 in June from 38.7 in May.

Last Friday, the New York Federal Reserve released a separate report showing an unexpected acceleration in the pace of growth in regional manufacturing activity in the month of June.

The New York Fed said its general business conditions index climbed to 25.0 in June from 20.1 in May, while economists had expected the index to edge down to 19.0.

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