Financial News: Philly Fed Index Unexpectedly Turns Negative In August

Philly Fed Index Unexpectedly Turns Negative In August

08/15/2024 - 08:42:00 (RTTNews)

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing softened overall in the month of August.

The Philly Fed said its diffusion index for current general activity plunged to a negative 7.0 in August from a positive 13.9 in July, with a negative reading indicating contraction. Economists had expected the index to decrease to a positive 7.0.

Looking ahead, the Philly Fed said firms continue to expect growth over the next six months, but expectations were less widespread this month.

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