Philly Fed manufacturing index rises to 2.0 in August

The Philly Fed index of manufacturing activity in the region rose nearly 5 points to only 2.0 in August, matching market expectations

“The diffusion index for current general activity moved from a negative reading to a marginally positive reading, while the indicators for new orders and employment suggested continued general weakness in business conditions,” said The Federal reserve Bank of Philadelphia. “Of the current broad indicators, the diffusion index for shipments recorded the strongest reading. The respondents were confident about future growth, as their forecasts of future activity showed notable improvement.”