Market Overview

Philly Fed Factory Activity Shrinks for Fourth Straight Month

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Originally published on Fox Business

Factory activity in the U.S. mid-Atlantic region shrank in August for the fourth month in a row, though the pace of contraction eased, a survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business activity index rose to minus 7.1 from minus 12.9 in July, shy of economists' expectations for minus 5.

Forward-looking new orders edged up to minus 5.5 from minus 6.9. Any reading below zero indicates contraction in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.

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