The Federal Reserve Bank of Philadelphia said that manufacturing activity rebounded in June after contracting in both April and May. The composite index of general business activity rose from -1.8 in May to 4.7 in June. It was only the second time in the past ten months that activity has expanded, highlighting the challenges for the sector seen over much of the past year.
The better headline number might have been a more encouraging sign, mirroring data from the New York Fed yesterday, if it were not for the fact that many other key measures in the Philly Fed report were lower.
