US Philadelphia Fed manufacturing index posts 1st negative reading since January

By Ovunc Kutlu

ISTANBUL (AA) - The Philadelphia Federal Reserve in the US said Thursday that its manufacturing index in August posted its first negative reading since January.

The index for current general activity decreased from 13.9 in July to -7.0 in August.

The market expectation for the index was to come in at 5.4.

A level above zero indicates improving conditions, while anything below that shows worsening conditions.

"Nearly 18 percent of the firms reported increases in general activity this month, down from 39 percent last month, while 25 percent reported decreases; 53 percent reported no change," the Philadelphia Fed said in a report.

The indexes for new orders and shipments also declined but remained positive for the second consecutive month, it added.

The new orders index decreased six points to 14.6, while the shipments index fell 19 points to 8.5, it added.