Manufacturing worsens in Philly area for 9th straight month (by Rex Nutting)

WASHINGTON (MarketWatch) -- Manufacturing activity declined in the Philadelphia region for the ninth month in a row in August, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed index improved to negative 12.7 in August from negative 16.3 in July, indicating a slower pace of decline. Readings under zero indicate most firms report weaker conditions. Price pressures moderated, with the price-paid index falling to 57.5 from 75.6. The new-orders index was nearly unchanged at negative 11.9.