USA: Unexpected drop in the “Philly Fed” index in July


July 21 (Reuters) – Business conditions in the Philadelphia area deteriorated in July, the Federal Reserve’s local branch monthly survey showed on Thursday.

The “Philly Fed” index fell to -12.3 after -3.3 in June.

Economists polled by Reuters had forecast an index at 0.0.

The new orders component plunged to -24.8 from -12.4 in June and the six-month business outlook component to -18.6 from -6.8 the previous month.

The employment sub-index fell to 19.4 from 28.1.

That of prices paid fell to 52.2 after 64.5 in June.

(Report Diana Mandiá, edited by Sophie Louet)





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