Manufacturing Activity in Philadelphia Area Cools
Manufacturing activity in the Philadelphia Region expanded at a slower pace in November, the Federal Reserve Bank of Philadelphia said Nov. 21.
The regional Fed’s index fell to a 6.5 reading from 19.8 in October. Readings below zero indicate contraction, and those above zero show expansion.
The reading was below economists’ median forecast of 15, Bloomberg News reported.
Manufacturers in the Philadelphia Region are less optimistic about the future with the outlook index for six months from now falling to 45.8, from 60.8 in October, Bloomberg reported.
New orders declined to 11.8 from 27.5 the previous month, but prices paid rose to 29.9 from 21.7.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.
