Manufacturing activity in the Philadelphia region expanded overall, according to the Federal Reserve Bank of Philadelphia’s October Manufacturing Business Outlook Survey.
Indicators for current general activity, new orders, and shipments increased this month, with the latter two returning to positive territory. The employment index indicated mostly steady employment conditions. Meanwhile, both price indexes showed price increases.
The diffusion index for current general activity grew to 10.3 from 1.7, its second consecutive increase. Over 24 percent of firms reported increases in general activity this month, while 14 percent saw decreases and 57 percent no change.
The indexes for new orders and shipments nearly recovered their declines from last month. The index for new orders climbed 16 points to 14.2, while the shipments index increased 22 points to 7.4.
As the employment index dropped from 10.7 to -2.2., 76 percent of firms reported no change in employment levels, 13 percent reported decreases, and 11 percent increases.
The prices paid index fell from 34.0 to 29.7. Almost 35 percent of firms reporting increases in input prices while just five percent decreases. Sixty percent saw no change.
Expectations for growth over the following six months were more widespread among the firms responding to the survey as most future indicators rose.
Read more about the Philadelphia region’s manufacturing activity survey results at Federal Reserve Bank Philadelphia.
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