The Philadelphia Federal Reserve’s index for current manufacturing activity in the region decreased from a reading of 38.8 in May to 27.6 this month. The index has been positive for 11 consecutive months. In June 42% of the firms indicated increases in activity, down from 51% last month. The shipments index decreased 11 points, while the new orders index was little changed. Both the delivery times and unfilled orders indexes were positive for the eighth consecutive month, suggesting longer delivery times and increases in unfilled orders.