An index of manufacturing activity in the Philadelphia region declined this month to its lowest level since January but continued to show expansion, the Federal Reserve Bank of Philadelphia said.
The region’s factory index declined to a reading of 8.5, from 12.5 in March, which was the fastest pace in 11 months. Readings greater than zero indicate expansion.
The index was lower than economists’ forecasts of a 12 reading, Bloomberg reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.