The Philadelphia Fed said Thursday its gauge of regional business activity fell to negative 12.3 in July from negative 3.3 in the prior month.
The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity dropped to negative 12.3 in July from negative 3.3 in the prior month.Any reading below zero indicates deteriorating conditions in the manufacturing sector. This is the second straight... The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity dropped to negative 12.3 in July from negative 3.3 in the prior month.
Big picture: U.S. manufacturing, the star performer of the pandemic, is suddenly struggling. Economists are concerned that layoffs and cutbacks in output are on the horizon. Last week, the similar Empire State survey released by the New York Fed showed manufacturing activity improved, with the business conditions index jumping 12.3 points to 11.1 in July.
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