U.S. regional manufacturing continues to expand in August
Source: Xinhua | 2020-08-21
U.S. Federal Reserve Bank of Philadelphia on Thursday reported that regional manufacturing activity continued to expand in August.
According to the August Manufacturing Business Outlook Survey, the current indicators for general activity, new orders, and shipments remained positive for the third consecutive month but fell from their readings in July. The employment index also fell from its reading in July but remained in positive territory for the second consecutive month.
The diffusion index for current activity fell 7 points to 17.2 in August, its third consecutive positive reading after reaching long-term lows in April and May.
The percentage of firms reporting increases this month exceeded the percentage reporting decreases. The index for new orders decreased from 23.0 to 19.0 and the current shipments index fell 6 points to 9.4 in August.
The survey showed that the current employment index fell 11 points to 9.0 this month. Employment increases were reported by 23 percent of the firms, down from 29 percent in July.
The respondents remained optimistic about growth over the next six months. The survey's future indexes suggest that respondents continue to expect growth in manufacturing activity over the next six months.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey and Delaware.
The Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington, D.C., make up the Federal Reserve System.
Busiunion
Busiunion