Philly Fed Index Unexpectedly Unchanged In June

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Friday said regional manufacturing activity remained weak in the month of June.

The Philly Fed said its diffusion index for current general activity was unchanged in June after jumping to a negative 4.0 in May, with a negative reading indicating contraction. Economists had expected the index to rise to a negative 1.0.

Looking ahead, the Philly Fed said the survey's future indicators suggest less widespread expectations for growth over the next six months.

The report said the diffusion index for future general activity tumbled to 18.3 in June after soaring to 47.2 in May.