US DATA: Aug Philly Fed mfg text: “Regional manufacturing activity
dipped significantly in August, according to the respondents to the
Business Outlook Survey. The survey’s indicators for activity,
shipments, and new orders all declined sharply from their readings in
July. The diffusion index of current activity decreased to -30.7 in
August from 3.2 in July. The broadest indicator of future activity
decreased to 1.4 from 23.7 in July. Survey responses suggest a
deterioration in the labor market compared with July. Indexes for prices
were lower this month and show a continued trend of moderating price
pressures. Special Questions: Seasonal Factors and Production Firms were
asked about the importance of seasonal factors’ influence on production.
Almost 40 percent said that seasonal factors have a significant
influence on monthly production levels. Nearly 29 percent of the firms
had scheduled shutdowns or slowdowns during the summer months this year.