By Jill Mislinski
The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, and 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 0.3, down 10.1 from last month's 10.4. The 3-month moving average came in at 5.4, down from 9.3 last month. Since this is a diffusion index, negative readings indicate contraction