The Philly Fed Index takes the pulse of manufacturing in the mid-Atlantic regions on a monthly basis, and the latest survey shows that manufacturers continue to increase production but at a slower pace.
In October, the index slipped 2.6 points to 11.5, coming up shy of the consensus forecast offered by Bloomberg of 12.5.
Indexes for general activity, new orders, and shipments all registered positive readings for the third consecutive month, but they suggest only marginal growth. Indexes for employment and work hours remained
negative, but trends suggest that employment losses have moderated in recent months, according to the survey.
Costs pressures, however, are beginning to rise.
Optimism has faded somewhat when looking at sentiment going out six months, but indicators of future activity remain near levels not seen since
2004.
Empire on a roll
Separately, the Empire Manufacturing Index for October surged and remain in a sharp upward trend as activity in New York continues to accelerate.
The general business conditions index climbed 16 points to 34.6, the highest level in five years. The new orders index rose 11 points, and the shipments index shot up 30 points, to 35.1.
The survey tends to be a bit volatile and the Philly Fed’s survey is considered more reliable, but October’s first look at manufacturing is bolstering hope that goods producers are seeing a sharp rebound in parts of the country.
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