Philadelphia-area manufacturing activity contracted at a slower rate in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current activity rose to a negative 13.8 in December from a negative 19.4 in November, although a negative reading still indicates a contraction. Economists had expected the index to climb to a negative 10.0.
Looking ahead, the Philly Fed said future indicators improved, suggesting firms expect overall growth over the next six months.
