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Financial News: Philly Fed Index Unexpectedly Indicates Slower Growth In

Philly Fed Index Unexpectedly Indicates Slower Growth In June

06/20/2024 - 10:03:00 (RTTNews)

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing an unexpected slowdown in the pace of growth by regional manufacturing activity in the month of June.

The Philly Fed said its diffusion index for current general activity fell to 1.3 in June from 4.5 in May, although a positive reading still indicates growth. Economists had expected the index to inch up to 5.0.

The unexpected decrease by the headline index partly reflected an accelerated contraction in shipments, as the shipments index slumped to a negative 7.2 in June from a negative in 1.2 in May.

Meanwhile, the new orders index climbed to a negative 2.2 in June from a negative 7.9 in May but still indicates a contraction.

Firms also continued to report a decline in employment, although the number of employees index increased to a negative 2.5 in June from a negative 7.9 in May.

The report also said the prices paid index climbed to 22.5 in June from 18.7 in May, while the prices received index jumped to 13.7 in June from 6.6 in May.

Looking ahead, the Philly Fed said most future activity indicators remained positive but suggest less widespread expectations for overall growth over the next six months.

The diffusion index for future general activity plunged to 13.8 in June from 32.4 in May, hitting its lowest level since February.

On Monday, the Federal Reserve Bank of New York released a separate report showing New York manufacturing activity contracted at a notably slower rate in the month of June.

The New York Fed said its general business conditions index climbed to a negative 6.0 in June from a negative 15.6 in May, although a negative reading still indicates contraction. Economists had expected the index to rise to a negative 9.0.

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