Philadelphia Manufacturing Index Shows Continued Contraction

Manufacturing levels in the Philadelphia region improved, but continued to show contraction in August, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index rose to a reading of negative 12.7, from negative 16.3 in July.

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.