Philly Fed Mfg Index: "Current Indicators Remain Elevated"

The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. While it focuses exclusively on business in this district, this regional survey gives a generally reliable clue as to the direction of the broader Chicago Fed's National Activity Index.

The latest Manufacturing Index came in at 30.7, down 1.8 from last month's 31.5. The 3-month moving average came in at 37.5, down from 39.2 last month. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. The Six-Month Outlook came in at 69.2, up 16.5 from the previous month's 52.7.

The 30.7 headline number came in below the 31 forecast at