Philadelphia Manufacturing Business Outlook Diffusion Index dropped -6 pts to 5.6, missed expectation of 7.1. The percentage of firms reporting increases (27%) this month narrowly exceeded the percentage reporting decreases (21%). Price paid index dropped -16 pts to 16.8, suggesting price pressures moderated.
Philly Fed noted: “Responses to the October Manufacturing Business Outlook Survey suggest growth in manufacturing activity this month. Although they remained positive, the indicators for general activity and shipments fell from their levels in September. The firms reported an improvement in both new orders and employment this month. The survey’s future indexes indicate that respondents continue to expect growth over the next six months.”
