Business in central Atlantic region slows

Aug. 16, 2012 at 2:01 PM

PHILADELPHIA, Aug. 16 (UPI) -- The Philadelphia Federal Reserve Bank said key mid-Atlantic manufacturing indexes recovered slightly in August, but remained in negative territory.

The business survey, taken midway through the month, found the diffusion index of manufacturing activity gained six points to minus 7.1, remaining short of the break-even point of zero.

The index has held below zero for four consecutive months as "nearly 30 percent of firms reported declines in activity this month, exceeding the 22 percent that reported increases," the Fed said.

The index for new orders and shipments both remained negative. The employment index held close to steady at minus 8.6.

In the month, slightly more than twice as many firms reported a decline in the number of employees -- 15 percent -- as reported increases -- 7 percent.

The average hours of work per week also declined, but not as fast as in the June report. The index for hours worked rose by 3 points, but remained negative for the fifth consecutive month, the Fed reported.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
First U.S.-made Kalashnikov AK-47s now being sold
More than $1B in new orders for Saab
Australian Air Force receives first C-27J transport
Judge throws out GM shareholder ignition-switch lawsuit
Sea-based radar market tipped to grow over 10 years