Philadelphia Manufacturing Growth Slows in November
anufacturing growth in the Philadelphia area expanded in November, the Federal Reserve Bank of Philadelphia said Thursday.
The area’s economic index rose to 5.1 after falling to minus 0.7 last month, Bloomberg reported. The index was expected to rise to 5.
Meanwhile, new orders fell to minus 3.7 in November from 13.4 last month.
Index readings greater than zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.
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