By Greg Robb
The index falls to 1.3 compared to the forecast of 5
The numbers: The Philadelphia Federal Reserve said Thursday that its gauge of regional business activity slowly fell to 1.3 in June from 4.5 in the previous month.
This is the lowest reading since January.
Economists surveyed by the Wall Street Journal expected a reading of 5 in June.
Any reading above zero indicates deteriorating conditions.
Key details: The new orders barometer rose 5.7 points, but remained at -2.2 in June.
The shipping index fell 6 points to -7.2. The measure of six-month business prospects fell 18.6 points to 13.8.
Both price indices rose slightly in June.
Big picture: The manufacturing sector has shown signs of improvement in recent months. Economists expect the sector to continue growing, but perhaps at a faltering and uneven pace. Economists say interest rates are still holding back business investment.
Market Reaction: DJIA SPX shares are expected to open higher on Thursday, while the 10-year Treasury yield BX:TMUBMUSD10Y rose to 4.245% in early morning trading.
-Greg Robb
This content was created by MarketWatch, operated by Dow Jones & Co. MarketWatch is published independently of Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones News
06-20-24 0855ET
Copyright (c) 2024 Dow Jones & Company, Inc.
