By Jill Mislinski
The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey, and Delaware. While it focuses exclusively on business in this district, this regional survey gives a generally reliable clue as to the direction of the broader Chicago Fed's National Activity Index.
The latest Manufacturing Index came in at 10.4, up 4.8 from last month's 5.6. The 3-month moving average came in at 9.3, down from 11.5 last month. Since this is a diffusion index, negative readings indicate contraction,