HOUSTON, July 19 (Xinhua) -- The July Manufacturing Business Outlook Survey indicated the manufacturing sector in some eastern U.S. states continued to expand, the Federal Reserve Bank of Philadelphia reported on Thursday.
The survey, conducted by the Federal Reserve Bank of Philadelphia which is responsible for the Third District covering eastern Pennsylvania, southern New Jersey, and Delaware, suggested that the region's manufacturing sector continued to expand in July.
The diffusion index for current general activity increased 6 points this month. Over 44 percent of the manufacturers reported increases in overall activity this month, while 19 percent reported decreases.
The firms continued to report overall higher employment, but increases were not as widespread this month. The current employment index fell 14 points to 16.8. The current average workweek index declined 11 points.
Looking ahead six months, the firms remain optimistic overall, but the survey's future indicators continued to moderate.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
It is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington D.C., make up the Federal Reserve System.
