Washington, DC, December 21, 2006--Manufacturing activity contracted in the Philadelphia region in December, the Federal Reserve Bank of Philadelphia reported Thursday.
The Philadelphia Fed index fell to negative 4.3 in December from 5.1 in November. Readings below zero indicate contraction.
Economists expected sentiment to remain relatively weak at 5.3. Indicators for new orders and unfilled orders also fell below zero. Shipments remained healthy.
