Philadelphia Manufacturing Index Declines

Manufacturing levels in the Philadelphia region declined this month, continuing to show contraction, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index fell to a negative 17.1 reading, from negative 15.6 in May. The continued housing slump hurt construction and related services, the regional Fed said.

Figures greater than zero indicate expansion, while those less than zero show contraction.

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