Philadelphia Fed Manufacturing Survey Was Expected to Rise, But Remain in Contraction
Philadelphia, Penn. (PPD) — The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey unexpectedly rebounded strongly in June, far off the low in April. The diffusion index for current general activity soared from -43.1 in May to 27.5, the first positive reading since February.
Most manufacturing firms believe they are seeing light at the end of the tunnel, the Federal Reserve Bank of Philadelphia reported. Forty-six percent (46%) of manufacturing firms reported increases this month, up from 15% last month. Meanwhile, 19% reported decreases, down from 58%.
Forecasts ranged from a low of -35.0 to a high of -18.0. The consensus forecast was -22.7.
