A worker in the mid-Atlantic manufacturing sector works with raw aluminum materials. (PHOTO: REUTERS)
The Manufacturing Business Outlook Survey, the Philadelphia Federal Reserve’s gauge of factory activity in the Mid-Atlantic region contracted to negative 2.9 in July from a weak positive reading of 4.7 the month prior.
The median forecast on Wall Street called for a reading of 5.00. A reading above zero indicates expansion.
Manufacturing Business Outlook Survey (Source: Philadelphia Federal Reserve Bank)
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