Factory activity in US mid-Atlantic region falls unexpectedly in July, Philly Fed says

Factory activity in the US mid-Atlantic region weakened unexpectedly in July as the decline in new orders accelerated its recent fall, the results of a key survey revealed.

The Federal Reserve Bank of Philadelphia's manufacturing index retreated from a reading of -3.3 for June to -12.3 in July (consensus: 1.7).

A key sub-index tracking firms' new orders fell from -12.4 to -24.8.

However, the sub-index linked to prices paid retreated from 64.5 to 52.2 and that for delivery times from 9.9 to -10.2.