19.08.202112:42:00UTC+00Philly Fed Index Unexpectedly Edges Lower In August

The Federal Reserve Bank of Philadelphia released a report on Thursday showing an unexpected slowdown in the pace of growth in regional manufacturing activity.

The Philly Fed said its diffusion index for current activity slipped to 19.4 in August from 21.9 in July. A positive reading still indicates growth, but economists had been expecting the index to inch up to 23.0.

Looking ahead, the Philly Fed said most future indexes moderated this month but continue to indicate that the firms expect growth over the next six months.