Philadelphia Manufacturing Index Shrinks

Manufacturing levels in the Philadelphia region showed contraction for the second consecutive month, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index for September rose to a reading of minus 0.7, from a minus 7.7 reading in August, the regional Fed said.

Readings greater than zero indicate expansion; below that shows contraction.

The level was well below economists’ forecasts of a positive 0.3 reading, Bloomberg reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.