India, Aug. 21 -- Manufacturing activity in the Philadelphia area has weakened in the month of August, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
The Philly Fed said its diffusion index for current general activity tumbled to a negative 0.3 in August from a positive 15.9 in July, with a negative reading indicating contraction. Economists had expected the index to decrease to a positive 7.0.
The much bigger than expected decrease by the headline index partly reflected a downturn by new orders, as the new orders plummeted to a negative 1.9 in August from a positive 18.4 in July.
The report also showed a steep drop by the shipments index, which plunged to 4.5 in August from 23.7 in July but remained ...