Philadelphia Factory Index Stalls in August

Manufacturing growth in the Philadelphia area stalled in August, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index fell to a reading of zero, from 9.2 in July, the Fed said. Figures greater than zero indicate expansion; less than zero shows contraction.

The index was the year’s low, after averaging 5.8 from January though July and was well below economists’ forecasts of an 8.6 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.