Philadelphia Fed manufacturing index slumps to -12.8 in October

(Sharecast News) - Manufacturing activity in the Philadelphia region contracted sharply in October, with the Philly Fed Manufacturing Index falling to a six-month low of -12.8, down from 23.2 in September and well below consensus expectations of 10. Shipments dropped 20 points but remained in positive territory at 6.0, while new orders rose six points to 18.2.

Employment edged down slightly to 4.6, still indicating modest job gains, but the average workweek shortened to 12.8 from 14.9.

Price pressures remained elevated despite some moderation, with the prices paid index rising to 49.2 and prices received climbing to 26.8.

Looking ahead, the survey's future activity indicators continued to point to broad expectations for growth over the next six months.



Reporting by Iain Gilbert at Sharecast.com