Philly Fed Index Soars Far More Than Expected In July

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a much bigger than expected increase by its reading on regional manufacturing activity in the month of July.

The Philly Fed said its diffusion index for current general activity soared to 41.4 in July from 10.3 in June, with a positive reading indicating growth. Economists had expected the index to rise to 13.0.

Looking ahead, the Philly Fed said firms continue to expect overall growth over the next six months, although the diffusion index for future general activity tumbled to 34.4 in July from 50.2 in June.