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- Expansion in Philadelphia-area manufacturing activity slows in September
Expansion in Philadelphia-area manufacturing activity slows in September
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the expansion in the region's manufacturing
activity slowed in September.
According to
the survey, the diffusion index for current general activity fell from 16.8 in August
to 12.0 this month.
Economists had
forecast the index to decrease to 11.0 last month.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the new orders index (-1.0 point to 24.8) fell, while the indexes
for shipments (+7.4 points to 26.4) and employment (+12.2 points to 15.8) increased.
Both the unfilled orders and delivery times indexes also remained positive this
month, suggesting higher unfilled orders and slower delivery times. On the
price front, the prices paid index surged 20 points to 33.0, its highest
reading since December 2018, while the index for prices received rose 8 points
to 20.8, its highest reading since March.
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