An economic report issued today suggests that the economic recovery in manufacturing may be slowing.
The Philadelphia Federal Reserve Bank reported that its business activity index dropped to 8.0 in June from May's 21.4.
Economists had forecasted a much higher reading. Any reading above zero indicates expansion in the region's manufacturing, so growth is still occurring but at a slower rate than many had expected.
The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
The report follows on Monday that showed manufacturing growth in New York state increased only slightly in June.