Philly Fed Mfg Index: Activity Declines in July

The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. While it focuses exclusively on business in this district, this regional survey gives a generally reliable clue as to the direction of the broader Chicago Fed's National Activity Index.

The latest Manufacturing Index came in at -12.3, down 9.0from last month's -3.3. The 3-month moving average came in at -4.3, down from last month. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. The Six-Month Outlook came in at -18.6, down from the previous month's -6.8.

The -12.3 headline number came in below the -2.5 forecast at