UPDATE:Business conditions improved to their highest levels in five months in the mid-Atlantic region of the country, even as manufacturing continued to contract, new data from the Federal Reserve Bank of Philadelphia shows.
The key reading of business activity in the manufacturing report advanced 5.2 points to -1.9, better than expectations for a -4.5 print.
A reading below zero indicates decline.
While new orders turned positive during the month, employment, shipments, and inventories all remained negative.
Below, key output from the report.
The Federal Reserve Bank of Philadelphia is minutes away from releasing its monthly survey of business activity.
Economists surveyed by Bloomberg forecast the headline index will advance to -4.5 from -7.1 a month earlier. A reading below zero indicates contraction.
The Federal Reserve Bank’s Third District covers eastern Pennsylvania, southern New Jersey, and Delaware.
The report will be released at 10:00 a.m.
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