Philly Fed: Manufacturing activity grew at a slower pace in July
|"Manufacturing activity in the region continues to grow but at a slower pace, according to results from the July Manufacturing Business Outlook Survey," said the Federal Reserve Bank of Philadelphia on Thursday.
Key quotes:
- The survey’s six-month indicators remained positive this month, with firms generally expecting growth to continue
- The diffusion indexes for general activity, new orders, shipments, employment, and work hours remained positive but fell from their readings in June
- More than one-third of the manufacturers expect to add to their payrolls over the next six months
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