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“Growth in regional manufacturing activity slowed in August, according to results from this month’s Manufacturing Business Outlook Survey,” the Federal Reserve Bank of Philadelphia reported on Thursday.

Key highlights

  • The diffusion index for current general activity decreased 14 points this month to 11.9, its lowest reading in 21 months.
  • Nearly 32 percent of the manufacturers reported increases in overall activity this month, while 20 percent reported decreases.  
  • The new orders index fell 22 points to 9.9.  
  • The firms continued to report overall higher employment, but increases were less widespread this month.
  • The survey’s current price measures moderated slightly but remain elevated, indicating that price increases for both purchased inputs and the firms’ own manufactured goods remain widespread.