Philly Fed Manufacturing Index Remains Negative

Manufacturing activity in the Philadelphia area unexpectedly stayed negative  in September, as the general business conditions index narrowed to negative 0.7 from a previous reading of negative 7.7, according to the Federal Reserve Bank of Philadelphia monthly report on business.

Economists surveyed by Thomson Reuters predicted a positive reading of 1.5 in the report, which covers eastern Pennsylvania, southern New Jersey, and Delaware. Positive readings indicate expansion.

The prices paid index slipped to 9.8 from 11.8 in August, the new orders index fell to negative 8.1 in September from negative 7.1, shipments slumped to negative 7.1 from negative 4.5, prices received decreased to negative 13.9 from negative 12.5, the number of employees index rose to positive 1.8 from negative 2.7, and the average employee workweek slipped to negative 21.6 from negative 17.1.

The general business conditions index for six months from now jumped to 26.3 from 19.6 in the August survey.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER