Philadelphia Factory Index Declines

Manufacturing growth in the Philadelphia area slowed in July, the Federal Reserve Bank of Philadelphia said.

The area’s economic index fell to 9.2 from an 18 reading in June, the Fed said. Figures greater than zero mean that most businesses report improving conditions.

The gain was below economists’ forecasts of a 13.8 reading, Bloomberg reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.

The factory sector is one of trucking’s largest and most important customers.