US regional manufacturing improves in July: Survey
Xinhua, Houston
US Federal Reserve Bank of Philadelphia on Thursday reported improved regional manufacturing conditions in July.
The diffusion index for current general activity more than recovered from its decline last month, increasing from 0.3 in June to 21.8 this month. The indexes for current shipments and new orders also improved this month. The current new orders index increased 11 points, while the shipments index increased 8 points, according to its July Manufacturing Business Outlook Survey.
The survey showed that the firms reported increases in manufacturing employment and longer workweeks this month. The current employment index increased 15 points to 30.0, its highest reading since October 2017. The average workweek index also increased 16 points, hitting its highest reading in 14 months.
The prices paid and prices received indexes both increased this month but remained well below their readings over the past few years. The current prices received index, reflecting the manufacturers own prices, increased 9 points to a reading of 9.5. The prices paid diffusion index increased 3 points to 16.1.
