{"id":116727,"date":"2021-06-18T11:31:33","date_gmt":"2021-06-18T11:31:33","guid":{"rendered":"https:\/\/fin2me.com\/?p=116727"},"modified":"2021-06-18T11:31:33","modified_gmt":"2021-06-18T11:31:33","slug":"philly-fed-index-points-to-modest-slowdown-in-growth-in-june","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/philly-fed-index-points-to-modest-slowdown-in-growth-in-june\/","title":{"rendered":"Philly Fed Index Points To Modest Slowdown In Growth In June"},"content":{"rendered":"

Philadelphia-area manufacturing activity expanded at a slightly slower rate in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.<\/p>\n

The Philly Fed said its diffusion index for current general activity slipped to 30.7 in June from 31.5 in May, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to edge down to 31.0.<\/p>\n

The modest decrease by the Philly Fed Index reflected a notable slowdown in the pace of growth in new orders, with the new orders index tumbling to 22.2 in June from 32.5 in May.<\/p>\n

On the other hand, the report said the shipments index climbed to 27.2 in June from 21.0 in May, indicating shipments increased at a faster rate.<\/p>\n

The number of employees index also spiked to 30.7 in June from 19.3 in May, pointing to a significant acceleration in the pace of job growth.<\/p>\n

The report also showed the prices received index rose to 80.7 in June from 76.8 in May, while the prices received index advanced to 49.7 from 41.0.<\/p>\n

Looking ahead, the Philly Fed said most future indicators improved, suggesting that more firms expect overall growth over the next six months.<\/p>\n

The diffusion index for future general activity surged to 69.2 in June from 52.7 in May, reaching its highest level in nearly 30 years.<\/p>\n

“Our Recovery Trackers signal upbeat regional dynamics, and production is poised to stay strong amid a summer boom,” Oren Klachkin, Lead U.S. Economist at Oxford Economics. <\/p>\n

He added, “A strong drumbeat of healthy goods demand, rising capital expenditures, strengthening external demand, and fiscal stimulus will keep regional manufacturing on a solid course.”<\/p>\n

On Tuesday, the New York Fed released a separate report showing New York manufacturing activity expanded at a slower rate in the month of June.<\/p>\n

The New York Fed said its general business<\/span> conditions index fell to 17.4 in June from 24.3 in May. Economists had expected the index to dip to 22.0.<\/p>\n

Despite the slowdown in the pace of growth in June, the New York Fed said firms remained optimistic that conditions would improve over the next six months.<\/p>\n

The index for future business conditions spiked to 47.7 in June from 36.6 in May, with the index for future employment reaching a record high. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Philadelphia-area manufacturing activity expanded at a slightly slower rate in the month of June, according to a report released by the Federal Reserve Bank of […]<\/p>\n","protected":false},"author":3,"featured_media":116726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nPhilly Fed Index Points To Modest Slowdown In Growth In June - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/economy\/philly-fed-index-points-to-modest-slowdown-in-growth-in-june\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philly Fed Index Points To Modest Slowdown In Growth In June - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Philadelphia-area manufacturing activity expanded at a slightly slower rate in the month of June, according to a report released by the Federal Reserve Bank of [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/economy\/philly-fed-index-points-to-modest-slowdown-in-growth-in-june\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-18T11:31:33+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/06\/Philly-Fed-Index-Points-To-Modest-Slowdown-In-Growth-In-June-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/economy\/philly-fed-index-points-to-modest-slowdown-in-growth-in-june\/\",\"url\":\"https:\/\/fin2me.com\/economy\/philly-fed-index-points-to-modest-slowdown-in-growth-in-june\/\",\"name\":\"Philly Fed Index Points To Modest Slowdown In Growth In June - 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