Philly Fed index falls more than estimated in July

Manufacturing conditions in the Philadelphia region deteriorated more than expected in July, according to a survey released on Thursday.

The diffusion index for current activity fell to 19.5 this month from 27.6 in June, marking the lowest reading since November and falling short of expectations for a reading of 24.0.

The new orders index tumbled to 2.1 from 25.9 in June, while the shipments index declined to 12.2 from 28.5. Meanwhile, the inventories index slid to 0.7 from 5.8 in June.

The diffusion index for future general activity rose to 36.9 this month from 31.3.