Manufacturing activity in the mid-Atlantic region unexpectedly weakened further in July and the outlook for future activity crashed to the lowest level since 1979, according to data released Thursday by the Federal Reserve Bank of Philadelphia.
The Philly Fed’s survey of manufacturing businesses found that indicators of both current general activity fell further into negative territory. The general activity index fell for the fourth straight month, falling 9 points to minus 12.3 in July. This is the second consecutive negative reading.
Economists had predicted a bounce back into positive territory after June’s unexpected plunge into a negative score.
The index for new orders fell for the second consecutive month from -12.4 to -24.8.
