Philadelphia Fed Manufacturing Index: Sinks To 2-Year Low

Summary

• The Philadelphia Fed manufacturing index showed a decline in activity this month. The index sank nearly 39 points to -26.4, its lowest reading in two years.
• This was the third consecutive monthly decline for the index and the largest one-month drop since April 2020.
• The latest reading was much lower than the forecast of 2.2.

gorodenkoff

By Jennifer Nash

The Philly Fed's Manufacturing Business Outlook Survey is a monthly survey of about 250 manufacturers in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey, and Delaware. Participants of the survey indicate the relative level of