Philly Fed Manufacturing Data Disappoints, Adding to Signs of a Softening Economy

Patrick Harker, President and CEO of the Federal Reserve Bank of Philadelphia, addresses an audience at the Philadelphia Fed in 2017. Courtesy of the Federal Reserve Bank of Philadelphia

The manufacturing sector in the Philadelphia region saw a modest contraction in June, according to a report released by the Federal Reserve Bank of Philadelphia on June 16.

The Philly Fed Manufacturing Business Outlook Survey’s diffusion index for current general activity fell six points to -3.3 in June from 2.6 in May, missing the widely anticipated market expectation of 5.5.