Philly Fed index dips in July, but by less than expected

A key gauge of manufacturing in the US mid-Atlantic region slipped in July, but by less than anticipated and some of the details of the report were stronger than those for the prior month.

The Federal Reserve Bank of Philadelphia's regional factory sector index retreated from a reading of 27.5 for June to 24.1.

Economists had penciled-in a reading of 20.0.

The key sub-index linked to new orders meanwhile improved from 16.7 to 23.1.

So too, the sub-index tracking staff levels and the length of the workweek both increased sharply.

On the flip-side, the sub-index for companies' shipments fell back from 25.3 to 15.3, although delivery times shortened, with the corresponding sub-index retreating from 0.4 to -6.4.