Philadelphia Area Manufacturing Falls Sharply

Philadelphia, PA, Aug. 19, 2011 -- Manufacturing activity fell sharply in the Philadelphia region in August, the Philadelphia Federal Reserve reported Thursday.

The bank's business condition index fell to negative 30.7 in August from 3.2 in July, the lowest level level since March 2009.

The size of the decline surprised economists, who expected a slight decline in the index to 0.5.