US Philadelphia Fed Manufacturing Index at 21.9... Declines for 5 Consecutive Months

[Asia Economy Reporter Song Seung-seop] Manufacturing activity in the Philadelphia Federal Reserve Bank's jurisdiction slowed down in August compared to the previous month.

According to the Philadelphia Fed on the 19th (local time), this month's manufacturing index fell to 19.4 from 21.9 in the previous month. This figure is even lower than the experts' initial forecast of 23.0.

Since reaching 51.8 in March, marking the highest level in nearly 50 years, the index has declined for five consecutive months.

The index is based on zero; a value above zero indicates economic improvement, while a value below zero signifies economic contraction.

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