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Philadelphia Fed Index Moves Higher in June

Philadelphia Federal Reserve Bank (06/19/14)

Manufacturing firms responding to the June Business Outlook Survey indicated that regional manufacturing activity expanded this month. The survey’s indicators for general activity, new orders, and shipments were positive for the fourth consecutive month and improved from their readings in May. Current employment was also higher among the reporting firms this month. The survey’s indicators of future activity improved notably, suggesting that firms are more optimistic about continued growth over the next six months.

The employment index remained positive for the 12th consecutive month and increased four points. The percentage of firms reporting increases in employment (22%) remained higher than the percentage reporting decreases (11%). The workweek index was also positive for the fourth consecutive month.