The Philadelphia Federal Reserve reported on the 20th that its manufacturing business outlook survey for the Third Federal Reserve District rose to 47.4 in August from 41.4 the previous month, marking a third consecutive monthly increase. The reading also topped market expectations of 25.0. New orders fell to 30.1 from 37.0 and shipments declined to 27.7 from 33.7, while employment improved sharply to 27.9 from 10.0. The six-month outlook surged to 73.6 from 34.4.
