President Barack Obama Message Board

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Politics : President Barack Obama

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To: ChinuSFO who wrote (81276)	8/19/2010 1:14:51 PM
From: tejek	Read Replies (1) of 149317

Philly Fed Index Plunges to -7.7 in August 8/19/2010 10:02 AM EDT The Philadelphia Fed Survey's broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from a reading of 5.1 in July to -7.7 in August. The index turned negative, marking a period of declining monthly activity for the first time since July 2009. Indexes for new orders and shipments also suggest a slowing this month; the new orders index fell slightly, to -7.1, while the shipments index turned negative, declining to -4.5. Indicating weakness, indexes for both delivery times and unfilled orders remained negative this month. The percentage of firms reporting a decline in employment (23%) was higher than the percentage (20%) reporting an increase. More concerning was the significant drop in the average employee workweek index from 1.7 in July to -17.1 in August, the regional central bank said.

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