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July 16, 2020, 8:33 a.m. EDT

Philly Fed manufacturing index retreats to 24.1 in July from prior month's 27.5

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By Victor Reklaitis

The Philadelphia Federal Reserve's manufacturing index pulled back to 24.1 in July after registering a reading of 27.5 in June. Economists polled by MarketWatch had expected the gauge to decline to 18.1. Any reading above zero indicates improving conditions. U.S. manufacturing was hit hard starting in March by lockdowns imposed to fight the coronavirus pandemic, but activity has been ramping up in recent months. The Empire State factory index rose to 17.2 in July from a negative reading in the prior month.

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