Philly Fed factory activity index drops in July

NEW YORK, July 15 (BestGrowthStock) – Factory activity growth in
the U.S. Mid-Atlantic region fell unexpectedly this month, a
survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business
activity index dropped to 5.1 in July from June’s 8.0.

Economists had expected a reading of 10.0, based on the
results of a Reuters poll, which ranged from 4.1 to 18.0.

Any reading above zero indicates expansion in the region’s
manufacturing.

The survey covers factories in eastern Pennsylvania,
southern New Jersey and Delaware.

It is seen as one of the first monthly indicators of the
health of U.S. manufacturing leading up to the national report
by the Institute for Supply Management, which is due next on
Aug. 2.

Stock Market Analysis
(Reporting by Burton Frierson; Editing by Theodore d’Afflisio)

Philly Fed factory activity index drops in July