Philadelphia Factory Index Contracts for Third Month

Manufacturing activity in the Philadelphia region contracted for a third straight month in July, Federal Reserve Bank of Philadelphia said Thursday.

The regional Fed’s index registered a reading of minus 12.9, up from the minus 16.6 reading in June.

Readings greater than zero indicate expansion, while below that level show contraction.

Economists had forecast the index would improve to minus 8, Bloomberg reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.