RTRS: Philly Fed factory activity shrinks less in April
Manufacturing contraction in the U.S. Mid-Atlantic area slowed in April, a regional Federal Reserve survey released on Thursday showed.
The Philadelphia Federal Reserve Bank said its business activity index came in at minus 24.4 in April compared with minus 35.0 in March. The median forecast among economists polled by Reuters was minus 32.0.
A reading below zero indicates contraction in the region's manufacturing sector.
The survey covers factories in a region encompassing eastern Pennsylvania, southern New Jersey and Delaware and is looked at closely as one of the first indicators of the health of the U.S. manufacturing sector.
