Investing.com - Manufacturing activity in the Philadelphia region slowed sharply in August, according to a report released on Thursday.
The Philadelphia Federal Reserve said its manufacturing index fell by 14 points to 11.9 from 25.7 in July. The consensus forecast had been for a reading of 21.9.
It was the lowest reading since November 2016. Any reading above zero indicates improving conditions, below indicates worsening conditions.
The new orders index fell 22 points to 9.9, the report said and the shipments index fell 8.1 points to 16.6.
The index for activity in the next six months increased to 38.8 after declining for four consecutive months.