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Date: Thursday 17 Jul 2008

LONDON (ShareCast) - Manufacturing in Philadelphia improved in July though the figures still showed a contraction and also came in below forecasts.

The Federal Reserve Bank of Philadelphia's general economic index improved to minus 16.3 from minus 17.1 in June, but that was worse than the minus 15 forecast and compared with a reading of plus 5.1 last year.

The new orders index was little changed at minus 12.1 from minus 12.4 last month. The shipments measure dropped to minus 8 from minus 6.7. Prices paid climbed to 75.6, the highest index level since 1980, from 69.3. The outlook index for the next six months dropped to 18 from 21.3.

Data on single-home construction confirmed the depressed picture with the lowest
reading in 17-years, though the weekly dole claimants figure came in slightly better than expected with an additional 18,000 jobless taking the total to 366,000 for the week ending 12 July.




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