Philly Fed Regional manufacturing activity continues to expand, but at a slower pace

The Federal Reserve Bank of Philadelphia reported in its Monthly Manufacturing Business Outlook Survey that regional manufacturing activity in the region has continued to expand, but it is doing so at a slower pace.The Federal Reserve Bank of Philadelphia reported in its Monthly Manufacturing Business Outlook Survey that regional manufacturing activity in the region has continued to expand, but it is doing so at a slower pace.

According to the survey, the indexes for current general activity, shipments and work hours remained positive, but fell from their readings in June.

The indexes for future new orders was in the positive, but fell from its readings last month, with 31 percent of respondents reporting a rise in new orders this month, down from 45 percent in June.

Firms also reported an increase in manufacturing employment, but the current employment index also fell slightly. The index, however, has remained positive for the past eight months.

The survey said both the prices paid and prices received indexes also remained positive, but the prices received index is at its lowest reading in the past seven months.

The future indexes predict continued growth over the next six months.