While the national economic picture grows dimmer and stock averages fall, the Philadelphia area economy also seems to be taking a hit.
Specifically, the manufacturing sector looks bleak.
It's just been reported that manufacturing in the Philadelphia region unexpectedly shrunk in August by the most in more than two years. What happened? Well, orders plunged and factories laid off workers.
The Federal Reserve Bank of Philadelphia’s general economic index dropped to minus 30.7 this month. That's the lowest since March 2009. Readings less than zero mean the manufacturing sector is contracting.