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Philly Fed: Manufacturing firms reported continued growth in October
"Manufacturing firms reported continued growth in regional manufacturing in October," the Federal Reserve Bank of Philadelphia reported on Thursday.
Key highlights:
- The index for current manufacturing activity in the region increased 4 points to a reading of 27.9 and is now at its highest reading since May.
- More than 39 percent of the firms indicated increases in activity this month, while 11 percent reported decreases.
- Both the new orders and shipments indexes remained positive but fell this month, decreasing 10 points and 13 points, respectively.
- Both the unfilled orders and delivery times indexes were positive for the 12th consecutive month, suggesting longer delivery times and an increase in unfilled orders.
- The current employment index increased 24 points to a record high reading of 30.6.
- The average workweek index also increased 8 points, its highest reading in four months.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
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