By Jill Mislinski
The Philly Fed's Manufacturing business Outlook Survey is a monthly report for the Third Federal Reserve District, 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 -56.6, down 43.9 from last month's -12.7. The 3-month moving average came in at -10.9, down from 13.7 last month. Since this is a diffusion index, negative readings indicate contraction,