June 16 (Reuters) – Business conditions in the Philadelphia area deteriorated again in June, the Federal Reserve’s local branch monthly survey showed on Thursday.
The “Philly Fed” index fell to -3.3 after 2.6 in May, falling to its lowest level since May 2020.
Economists polled by Reuters had instead expected the index to rise to 5.5.
The new orders component plunged to -12.4 from 22.1 in May and the six-month business outlook component to -6.8 from 2.5 the previous month, the lowest since February 2008.
On the other hand, the employment sub-index rose to 28.1 from 25.5.
That of prices paid fell to 64.5 after 78.9 in May.
(Writing from Gdansk, edited by Marc Angrand)