Philly Fed Mfg Index: Activity Steady in August

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 6.2, up 18.5 from last month's -12.3. The 3-month moving average came in at -3.1, 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 -10.6, up from the previous month's -18.6.

The 6.2 headline number came in above the -5.0 forecast at Investing.com.