PHILADELPHIA-The Philadelphia Federal Reserve Bank released its Business Outlook Survey on Thursday for the month of June, which revealed improvement in manufacturing and business activity.
Labor conditions continue to be a problem, however, as the percentage of firms reporting employment decreases (20%) exceeded the percentage reporting increases (15%).
The Philadelphia Federal Reserve Bank, which serves eastern Pennsylvania, southern New Jersey, and Delaware, reports in its June survey that firms in the region continue to expect positive growth over the next six months and were relatively more optimistic about adding to payrolls.
The survey's broadest measure of manufacturing conditions, the diffusion index of current activity, increased from -5.2 in May to 12.5, its highest reading since April 2011. The percentage of manufacturing firms reporting increased activity in June was 34% of respondents, as compared to 22% of companies that experienced decreased activity.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
