Philadelphia-area manufacturing activity continued to decline in the month of July, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
The Philly Fed said its diffusion index for current activity crept up to a negative 13.5 in July from a negative 13.7 in June, with a negative reading indicating a contraction. Economists had expected the index to rise to a negative 10.0.
Looking ahead, the Philly Fed said most future indicators improved, suggesting more widespread expectations for overall growth over the next six months.
