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Thursday, August 6, 2020
HomeNewsEconomyManufacturing Business Outlook Survey Rebounds Strongly in June

Manufacturing Business Outlook Survey Rebounds Strongly in June

Manufacturing Export Wooden Crate, reading Made in Pennsylvania. 3D Illustration. (Photo: AdobeStock)

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.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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