Aug Philly Fed index falls into negative territory

marmar

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Thu Aug-19-10 09:12 AM
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Aug Philly Fed index falls into negative territory

By Greg Robb

WASHINGTON (MarketWatch) -The index of manufacturing activity in the Philadelphia region dropped sharply in August, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index fell to negative 7.7 in August from 5.1 in July. This is the first negative reading in a year. The decline was unexpected. Economists polled by MarketWatch were expecting the index to rise to 7.0. Indexes for new orders and shipments were also negative in August. There was also a sharp drop in the average workweek.

http://www.marketwatch.com/story/aug-philly-fed-index-falls-into-negative-territory-2010-08-19

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