The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the region's manufacturing activity
continued to expand in early October, albeit at a slower pace than in September.
According
to the survey, the diffusion index for current general activity decreased from 30.7 in September to 23.8 this month.
Economists
had forecast the index to decline to 25.0.
A
reading above 0 signals expansion, while a reading below 0 indicates
contraction.
According
to the report, the new orders index surged 14.9 points to 30.8 this month, while
the current employment index rose 4.4 points to 30.7 and the current shipments
index edged up 0.1 point to 30.0. On the price front, the prices paid diffusion
index increased 3.0 points to 70.3, while the current prices received index
decreased 1.8 points to 51.1.