Economic Buzz: Philly Fed Index Shows Contraction In June

17 Jun 2022 , 09:31 AM

Manufacturing activity in the Philadelphia region saw a modest contraction in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia. The Philly Fed said its current general activity index dropped to a negative 3.3 in June from a positive 2.6 in May. The negative reading indicates the first contraction in regional manufacturing activity since May of 2020. The unexpected decline by the headline index came as the new orders index plummeted to a negative 12.4 in June from a positive 22.1 in May. The shipments index also plunged to 10.8 in June from 35.3 in May, indicating a substantial slowdown in the pace of growth. On the other hand, the number of employees index rose to 28.1 in June from 25.5 in May, suggesting a continued increase in employment.Powered by Commodity Insights