Manufacturing activity in the Philadelphia region was nearly flat in October, as the general business conditions index rose to a level of 1.0 from a previous reading of negative 0.7, according to data from the Federal Reserve Bank of Philadelphia Report on Business.
Economists predicted a reading of 2.0 for the index, which tracks activity in a region that is heavily populated with chemical businesses. The general business conditions index for six months from now jumped to 41.0 from 26.3 in last month’s survey.
“Manufacturing activity of mid-Atlantic based businesses expanded in October, albeit very sluggishly,” Steven Wood, chief economist at Insight Economics, said in a research note. “With the inventory cycle now beginning to partial reverse, manufacturing appears to be stagnating again.”
