Philly Fed business index rises, job gauge hit seven-year low
- Wall Street falls with financials, other post-election gainers
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shortens sentence of Manning, who gave secrets to WikiLeaks
- After-Hours Stock Movers 01/17: (SHLO) Higher; (GIMO) (AFAM) (CSX) Lower (more...)
A job-seeker completes an application at a career fair in Philadelphia July 25, 2013. REUTERS/Mark Makela/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Business activity in the U.S. mid-Atlantic region improved in August, but local employment deteriorated to its worst level in seven years, a survey from the Philadelphia Federal Reserve released on Thursday showed.
The Philadelphia Fed said its current business activity index rose to 2.0 in August from -2.9 in July. The August figure matched the median forecast among economists polled by Reuters.
A reading above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
The survey's six-month outlook measure rose for a second month to 45.8 from July's 33.7. August's reading was the highest since January 2015.
The Philadelphia Fed regional business index is seen as one of the first monthly indicators of the health of U.S. manufacturing, leading up to the national report by the Institute for Supply Management.
While the current activity measure rose, two components tumbled, which underscored the lingering weakness in U.S. mid-Atlantic business activity.
The employment index dropped to its weakest since July 2009 to -20.0 from -1.6, while the new orders index fell to -7.2, the lowest since December, from 11.8 the prior month.
"The diffusion index for current general activity moved from a negative reading to a marginally positive reading, while the indicators for new orders and employment suggested continued general weakness in business conditions," the Philadelphia Fed said of the latest survey.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- US, Mexico, Cuba ready to sign 'Doughnut Hole' deal in Gulf waters
- Volkswagen won't make Audi cars with SAIC in China before 2018
- China's fourth quarter growth seen steady at 6.7 percent amid heavy government support
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!