Philly Fed manufacturing deteriorates less than expected

Manufacturing conditions in the Philadelphia region deteriorated a little less than expected in June, according to a survey released on Thursday.

The diffusions index for current activity fell to 27.6 from 38.8 in May, but was above the reading of 24.0 expected by economists and marked the 11th consecutive month in positive territory.

The new orders index nudged up to 25.9 from 25.4 the month before, while the shipments index fell to 28.5 from 39.1. Meanwhile, the inventories index ticked up to 5.8 in June from 1.4 in May.

The diffusion index for future general activity declined to 31.3 from 34.8 the previous month, marking its third consecutive decline.