Philly Fed Factory Reading Falls Again

Philadelphia, PA, June 20, 2008--Activity at mid-Atlantic manufacturers fell for a seventh consecutive month in June.

The Federal Reserve Bank of Philadelphia said Thursday that its business activity index fell to minus 17.1 in June, from minus 15.6 in May.

Wall Street’s forecasts were for a reading of minus 10. A reading below zero indicates contraction. The index has been negative since last November.

The prices-paid index rose to 69.3, its highest level since 1980.

The regional employment outlook also fell for a third consecutive month.