July Philly Fed plunges to 6.6 from 22.2
Manufacturers in the Northeast report little improvement in conditions in early July, the Philadelphia Fed reported Thursday. The Philly Fed index plunged to 6.6 from 22.2 in June. Positive readings indicate growth. The Fed bank said half of the companies report no change in activity in July. The new orders index fell to 6.6 from 20.1, while shipments dropped to 4.6 from 14.7. Firms remained optimistic about the near term.