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- Growth of Philadelphia-area manufacturing activity unexpectedly accelerates in September
Growth of Philadelphia-area manufacturing activity unexpectedly accelerates in September
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 early September at a faster pace than in August.
According to the survey, the diffusion index for current general activity rose from 19.4 in August to 30.7 this month.
Economists
had forecast the index to slip to 18.8.
A
reading above 0 signals expansion, while a reading below 0 indicates
contraction.
According
to the report, the current shipments index rose 11.0 points to 29.9 this month,
while the new orders index dropped 6.9 points to 15.9 and the current
employment index fell 6.3 points to 26.3. On the price front, the prices paid
diffusion index declined 3.9 points to 67.3, while the current prices received
index decreased 1.0 point to 52.9. Despite these drops, both indicators remained
elevated.
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