Philadelphia Manufacturing Index Drops

Manufacturing activity in the Philadelphia region dropped in August to its lowest level since March 2009, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index fell to a reading of minus 30.7, from a reading of 3.2 a month earlier. Readings greater than zero indicate expansion.

The reading fell more than economists’ forecasts of a 2 reading, Bloomberg reported.

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