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- Philadelphia-area manufacturing activity continues to grow in December but at slower pace
Philadelphia-area manufacturing activity continues to grow in December 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 December, albeit at a slower pace than in November.
According to
the survey, the diffusion index for current general activity fell from26.3 in November
to 11.1 this month. This was the lowest positive reading following the index decline
into negative territory in spring months.
Economists had
forecast the index to decrease to 20.0.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the new orders index plunged 35.6 points to 2.3 this month, while
the current shipments index declined 10.5 points to 14.4. and the current
employment index tumbled 18.7 points to 8.5. Elsewhere, the survey’s price
indicators suggest that price increases were less widespread this month: the
prices paid index dropped 11.8 points to 27.1 and the prices received index decreased
7.7 points to 18.0.
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