Factory activity in the U.S. Mid-Atlantic region shrank again in July, reflecting a weakening economy and the strain of rising costs.
The Philadelphia Federal Reserve Bank said on Thursday its business activity index was at minus 16.3 in July versus minus 17.1 in June. Economists polled by Reuters had forecast a reading of minus 15.0.
The index was in negative territory for the eighth straight month. Any reading below zero indicates contraction in the region's manufacturing sector.
The prices paid index rose to 75.6 in July, the highest level since March 1980, after a reading of 69.3 in June.
"Cost pressures remain widespread, with a larger share of firms reporting input price increases this month," the Philly Fed said.
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