Philadelphia Manufacturing Growth Slows in June

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he pace of manufacturing growth in the Philadelphia area slowed in June, though manufacturing new orders rose, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index fell to 13.1 from 14.4 last month. Analysts had forecast a drop to 11, Bloomberg reported.

Manufacturers, however, reported the biggest increase in new orders since September 2001. The factory sector is one of trucking’s largest and most important customers.

Index readings greater than zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.

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