Central Atlantic business decline slows

RICHMOND, Va., Aug. 28 (UPI) -- The Richmond, Va., Federal Reserve Bank said manufacturing activity shrank in the central Atlantic states in August, but at a slower pace than July.

The overall manufacturing index showed business activity, which fell from minus one in June to minus 17 in July, recovered slightly, coming in at minus nine in August.

Prior to June, manufacturing had enjoyed six consecutive months of growth, indicated by numbers above zero.

The new orders index in August rose from minus 25 to minus 20. while the jobs index dropped from a positive reading of one to negative 5.

The wage index showed continued growth, but the pace moderated with a reading of three in August following a more robust nine in July.