Philadelphia Manufacturing Index Declines

Manufacturing levels in the Philadelphia region showed contraction in July for the eighth straight month, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index improved to a reading of negative 16.3, from a negative 17.1 in June.

Figures greater than zero indicate expansion, while those less than zero show contraction. The regional index averaged 5.1 last year.

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