The latest release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for August indicated the first sign of contraction in the regions manufacturing activity seen in over a year with the current activity index falling to a level of -7.7.Further, the future activity index also indicates substantial weakening in recent months falling to a level of 19.6 from a level of 52 earlier in the year.
In the first two charts, the bright green band indicates contraction (0 to -100) while any value above that band indicates expansion.
