Philadelphia Factory Index Declines

Manufacturing levels in the Philadelphia region declined in June but showed expansion, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index fell to a reading of 8, from 21.4 in May, the regional Fed said. Readings greater than zero indicate expansion, while those less than zero show contraction.

The level was well below economists’ forecasts of a 20 reading, Bloomberg reported.

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