The Philadelphia Fed manufacturing index fell to -3.3 points in June from +2.6 in May, disappointing +5.5 estimates and showing a downward trend for the third month in a row.
The indicator is located in negative territory for the first time in twenty-five monthsspecifically since May 2020, when the United States was immersed in the first wave of the coronavirus.
According to the statement from the Federal Reserve Bank of Philadelphia, although the majority of companies did not declare any change in activity (64%), the percentage of companies that declared decreases (20%) exceeded that of those that confirmed increases (16%). . Indicators for new orders and shipments declined more sharply: The index for new orders fell 35 points to -12.4, and the index for shipments fell 25 points but remained positive at 10.8.
In general, companies continued to report an increase in employment, with the employment index rising from 25.5 to 28.1 points. More than 31% of companies declared an increase in employment, compared to 3% that declared a decrease; 66% did not declare any change. The average workweek index decreased 4 points to 11.8.
Source: Fx Street
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