FXstreet.com (Barcelona) - Manufacturing sector's activity in the Philadelphia Fed area has continued declining in June, against the market analysts' expectations of a mild recovery, as Indexes for general activity, new orders, shipments, and employment all posted losses compared to the previous month.
The current activity index has declined to -17.1 points this month from -15.6 in May, being, thus, the seventh consecutive month to post a negative reading. Most of the companies surveyed, 42%, reported no change in activity, but the amount companies reporting declines, 34%, was twice as large as the 17% reporting increases.
Among the rest of the indicators, new orders index remained negative and decreased 9 points. The current shipments index fell another nine points to -6.7 in June from 2.2 in May, while indexes for employment and hours worked posted declines consistent with the other broad indicators.