Philly Fed Manufacturing Index: Steady Activity in June

The Philly Fed's Manufacturing Business Outlook Survey is a monthly survey of about 250 manufacturers in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey, and Delaware. Participants of the survey indicate the relative level of general business conditions in the region. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. While it focuses exclusively on business in this district, this regional survey gives a reliable direction of the broader Chicago Fed's National Activity Index.

The latest Philadelphia Fed manufacturing index remained in positive territory for a fifth straight month as manufacturing activity remained steady overall. In June, the index fell to 1.3 from 4.5 in May, coming in below the forecast of 4.8.