Philly Fed Index Unexpectedly Increases In August

(RTTNews) - Philadelphia-area manufacturing activity continued to expand in the month of August, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current general activity climbed to 47.4 in August from 41.4 in July, with a positive reading indicating growth. Economists had expected the index to plunge to 25.0.

With the unexpected increase, the Philly Fed index reached its highest level since hitting 48.8 in April 2021.

Looking ahead, the Philly Fed said the diffusion index for future general activity soared to 73.6 in August from 34.4 in July, reaching its highest level since August 1983.