Philadelphia Manufacturing Index Falls Sharply

Manufacturing activity in the Philadelphia region slowed dramatically in June, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index fell to a reading of minus 7.7, from a reading of 3.9 a month earlier. Readings greater than zero indicate expansion.

The reading was well below economists’ forecasts of a 7 reading, Bloomberg reported.

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