The index for current manufacturing activity in the region increased 5 points to a reading of 23.8 and has remained positive for 14 consecutive months. Nearly 39 percent of the firms indicated increases in activity this month; 15 percent reported a decrease in activity. The new orders and shipments indexes also registered an improvement, increasing 9 points and 8 points, respectively. Both the unfilled orders and delivery times indexes were positive for the 11th consecutive month, suggesting longer delivery times and an increase in unfilled orders.
Philly Fed Manufacturing Index unexpectedly rose to 23.8
Manufacturing firms reported an improvement in regional manufacturing conditions in September. The survey’s current indicators for general activity, new orders, and shipments increased this month and suggest a broadening of growth. Price pressures also picked up, according to the reporting firms. The survey’s future indicators suggest that manufacturers have generally grown more optimistic over the past three months.
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