HOUSTON, June 20 (Xinhua) -- U.S. Federal Reserve Bank of Philadelphia on Thursday reported weakening regional manufacturing conditions in June.
The diffusion index for current general activity decreased from 16.6 in May to 0.3 this month. This is the lowest reading since February, when the index fell below zero for one month, according to its June Manufacturing Business Outlook Survey.
The survey showed that the indexes for current shipments and new orders also declined in June. The current new orders index decreased 3 points, while the shipments index fell 11 points.
On balance, the firms continued to report increases in employment. Nearly 25 percent of the responding firms reported increases in employment, while 9 percent reported decreases this month. The average workweek index fell 4 points this month, to 7.3.
According to the survey, the current prices received index, reflecting the manufacturers' own prices, declined nearly 17 points to a reading of 0.6, its lowest reading since October 2016. Most of the survey's future activity indexes improved but continue to reflect muted optimism for the remainder of the year.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.
Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington, D.C., make up the Federal Reserve System.
