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Data: Philly Fed; Chart: Axios Visuals

In another sign that growth is cooling, manufacturing activity grew by less than expected in the Pennsylvania, New Jersey and Delaware area.

Why it matters: Economists are getting concerned about how the current wave of COVID infections may be affecting growth — as evidenced by the cuts to GDP estimates.

State of play: The Philly Fed’s August Manufacturing Business Outlook Survey, the second of the major monthly regional manufacturing reports, showed that the rate of growth slowed as COVID has been spreading.

  • The report’s current activity index unexpectedly fell to 19.4 in August from 21.9 in July. This was the lowest reading since December, and it was worse than the 23.0 expected by economists.
  • While any number above 0 signals growth, the decline reflects deceleration.

What they’re saying: “The manufacturing recovery globally is moderating, but it is not rolling over,” Pantheon Macroeconomics’ Ian Shepherdson said.

What to watch: The Richmond Fed’s manufacturing report comes on Aug. 24. That’ll be followed by the Kansas City Fed’s on Aug. 26 and the Dallas Fed’s on Aug. 30.

Go deeper

Felix Salmon, author of Capital
Oct 8, 2021 - Economy & Business

U.S. economy adds just 194,000 jobs in September

A Winn-Dixie supermarket in  Florida. Photo by Joe Raedle/Getty Images

America registered disappointing job growth for the second month in a row.

By the numbers: Just 194,000 jobs were created in September, a significantly slower pace than the 366,000 number a month earlier. Economists had been hoping and expecting to reach at least 500,000 this time around.

Updated 49 mins ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and planned to travel to another destination afterward when the gang abducted them in Port-au-Prince, Haitian security officials said, per the NYT.

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne's spent longer under lockdowns than "any other city in the world" during the pandemic, Reuters notes.

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