MW: Philly Fed index rises to -24V.4, a slower pace of decline
Manufacturing activity in the Philadelphia region worsened in April for the 16th time in the past 17 months, but at a slower pace, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed index increased to negative 24.4 from negative 35 in March. Readings below zero indicate most firms surveyed said business was still getting worse. Expectations improved, suggesting that "the region's manufacturing executives expect declines to bottom out over the next six months," the bank said.
