The Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Thursday, revealed the region's manufacturing activity continued to expand in July, albeit at a slower pace than in the previous month.

According to the survey, the diffusion index for current general activity fell from 27.5 in June to 24.1 this month, its second positive reading after reaching long-term lows in the spring.

Economists had forecast the index to decrease to 20.0.

A reading above 0 signals expansion, while a reading below 0 indicates contraction.

According to the report, the new orders index increased 6.3 points to 23.0, while the shipments index fell 10 points to 15.3. At the same time, unfilled orders rose 4 points to 3.9, while delivery times dropped 7 points to -6.4, suggesting shorter delivery times. The employment index jumped 24 points to 20.1, its highest reading since October 2019. On the price front, the prices paid index increased 5 points to 15.7, while prices received index held steady at 11.5.