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- Philadelphia-area manufacturing activity continues to expand in September but at slower pace
Philadelphia-area manufacturing activity continues to expand in September but at slower pace
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the region's manufacturing activity
continued to expand in September, albeit at a slower pace than in the previous
month.
According to
the survey, the diffusion index for current general activity fell from 17.2 in August
to 15.0 this month, recording its fourth positive reading after reaching
long-term lows in the spring.
Economists had
forecast the index to decrease to 15.0.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the new orders index rose 6.5 points to 25.5, while the current shipments
index surged 27.2 points to 36.6 and the current employment index rose 6.7
points to 15.7, remaining in positive territory for the third consecutive
month. In addition, most of the future indicators of the survey grew, suggesting
more widespread optimism among firms about growth over the next six months.
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