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Growth in Philadelphia-area manufacturing activity saw a continued slowdown in the month of October, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
The Philly Fed said its diffusion index for current general activity dropped to 5.6 in October after falling to 12.0 in September, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to fall to 7.1.
Shipment growth showed a notable slowdown during the month, with the shipments index slumping to 18.9 in October from 26.4 in September.
On the other hand, the report said the new orders index crept up to 26.2 in October from 24.8 in September, indicating modestly faster growth.
The number of employees index also surged up to 32.9 in October from 15.8 in September, pointing to a substantial acceleration in the pace of job growth.
On the inflation front, the prices paid index plunged to 16.8 in October from 33.0 in September and the prices received index slid to 16.4 from 20.8.
The Philly Fed said the survey's future activity indexes remained positive, suggesting continued optimism about growth for the next six months.
The diffusion index for future general activity increased jumped to 33.8 in October after tumbling to 20.8 in September.
Earlier this week, the New York Fed released a separate report unexpectedly showing a modest acceleration in the pace of growth in regional manufacturing activity in the month of October.
The New York Fed said its headline general business conditions index edged up to 4.0 in October after dipping to 2.0 in September.
The modest uptick came as a surprise to economists, who had expected the general business conditions index to slip to 0.8.