Philly Fed Manufacturing Index: Activity Expands in July

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 sixth straight month as manufacturing activity expanded overall. In July, the index rose to 13.9 from 1.3 in June, coming in above the forecast of 2.7.