Philly Fed: Manufacturing activity grew at a slower pace in July

"Manufacturing activity in the region continues to grow but at a slower pace, according to results from the July Manufacturing Business Outlook Survey," said the Federal Reserve Bank of Philadelphia on Thursday.

Key quotes:

• The survey’s six-month indicators remained positive this month, with firms generally expecting growth to continue
• The diffusion indexes for general activity, new orders, shipments, employment, and work hours remained positive but fell from their readings in June
• More than one-third of the manufacturers expect to add to their payrolls over the next six months