Philadelphia Factory Index Expands for Third Month

Manufacturing activity in the Philadelphia region expanded for a third month in August, but at a slower rate than July, the Federal Reserve Bank of Philadelphia said Thursday.

The regional Fed’s index fell to a 9.3 reading from 19.8 in July, which had been the highest reading since March 2011, the regional Fed said.

Readings below zero indicate contraction, while those above zero show expansion.

The reading was below economists’ median forecast of 15, Bloomberg News reported.

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