Philly Fed manufacturing index drops more than expected in July

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

The Philadelphia Fed current manufacturing index fell to 21.9 from 30.7 in June, missing expectations for a reading of 28.0.

The new orders index fell by five points to 17.0, while the shipments index was three points lower at 24.6.

The employment gauge edged down to 29.2 in July from 30.7 the month before. More than 38% of respondents reported increases in employment, while just 9% reported decreases.