Two gauges of manufacturing sentiment held their own in August, according to data released Thursday.

The Philadelphia Fed manufacturing index fell slightly to a reading of 16.8 in August from 21.8 in July. Economists had expected a much bigger drop to 11.1, according to Econoday.

The Empire State Index, meanwhile inched up at a reading of 4.8 in August from 4.3 in July, the New York Fed said. Economists had expected a reading of 2.5. The index has recovered a bit from a very weak -8.6 reading in June.

Any reading above zero indicates improving conditions.

What happened: The level of the activity index in the Philadelphia region in July was much higher than other regional Fed manufacturing surveys.

In the New York region, optimism about future activity slumped, with the futures business index falling to 25.7 in August from 30.8 in July. In the Philadelphia region, optimism only fell slightly.

Source: Marketwatch