Philadelphia Fed Manufacturing Business Outlook Survey Current Index dropped from 16.8 to 12.0 in September, above expectation of 10.8. The survey’s indicators were mixed as the indexes for general activity and new orders fell, while the indexes for shipments and employment increased. Meanwhile, price indexes increased notably.
On the cost side, nearly 38 percent of the firms reported increases in the prices paid for inputs this month, up from 25 percent in August. The prices paid index increased 20 points to 33.0, its highest reading since December 2018. With respect to prices received for firms’ own manufactured goods, 26 percent of the firms reported higher prices, up from 16 percent in August. The diffusion index for prices received increased 8 points to 20.8, its highest reading since March.