The December release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated a notable pullback in the regions manufacturing activity with the current activity index falling to a weak level of -10.2 while assessments the future activity also worsened to a level of 24.1.
The above chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.
