Financial News: Philly Fed Index Jumps Much More Than Expected

Philly Fed Index Jumps Much More Than Expected In July

07/18/2024 - 08:41:00 (RTTNews)

(RTTNews) - After reporting a slowdown in the pace of regional manufacturing growth in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing the pace of growth reaccelerated by much more than expected in the month of July.

The Philly Fed said its diffusion index for current general activity jumped to 13.9 in July from 1.3 in June, with a positive reading indicating growth. Economists had expected the index to inch up to 2.9.

The report said most future activity indicators also rose, suggesting more widespread expectations for overall growth over the next six months.

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