NEW YORK (Reuters) - Factory activity in the U.S. mid-Atlantic region grew at a slower pace in December, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index fell to 24.5 from 40.8 the month before. That was shy of economists’ expectations for 27, according to a Reuters poll.
Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management.
Reporting by Sam Forgione; Editing by Chizu Nomiyama