Philadelphia factory activity slows for 2nd month in June

Manufacturing activity in Philadelphia has slowed for a second straight month in June, the latest data showed.

The Philadelphia Fed Manufacturing Index was reported at a reading of 1.3 in June, down from 4.5 in May.

In comparison, market consensus had pointed to an improvement in activity (a reading of 5).

In June, the gauge of shipments retreated to -7.2 from -1.2 in May, which marked its lowest level since December 2023.

Meanwhile, the gauge of new orders improved to -2.2 in June from -7.9 in May.

On the price front, both price gauges still reflected overall increases in price levels, Federal Reserve Bank of Philadelphia said.

The US Dollar Index, which reflects the relative strength of the greenback against a basket of six other major currencies, was last edging up 0.21% on the day to 105.445.