Philly Fed Sheds Light on Gloomy Manufacturing Activity
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A survey conducted by the Philadelphia Fed questioning manufacturers indicated weaker business conditions this month. The survey showed activity fell to -16.6 from a reading of -5.8 in May, its second consecutive negative reading. The survey’s indicators of future activity remained positive and improved slightly.
Indicators for new orders, shipments, and average work hours were also negative this month, suggesting overall declines in business. Indexes for current unfilled orders and delivery times both registered negative readings again, implying lower levels of unfilled orders and faster deliveries.
In the survey, almost 20 percent of firms expect to decrease spending this year, compared to 33 percent in November. 42 percent of firms expect spending to remain unchanged in 2012, up from 25 percent in November.
Indicators for new orders, shipments, and average work hours were also negative this month, suggesting overall declines in business. Indexes for current unfilled orders and delivery times both registered negative readings again, implying lower levels of unfilled orders and faster deliveries.
In the survey, almost 20 percent of firms expect to decrease spending this year, compared to 33 percent in November. 42 percent of firms expect spending to remain unchanged in 2012, up from 25 percent in November.
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