Philadelphia Fed Manufacturing Index Falls to Six-Month Low in October

Philadelphia Fed Manufacturing Index Data Released

The Philadelphia branch of the U.S. Federal Reserve has released the October manufacturing index data. The results of the survey conducted by the bank indicate that the index has declined by 36 points to a level of -12.8.

Below Market Expectations

This decline marks the lowest level seen since April, while the market expectation was for the index to be at 8.6 during this period. The shipments index fell by 20.1 points to 6, while the new orders index increased by 5.8 points to reach 18.2.

Employment Index on the Decline

The employment index also decreased by 1 point to 4.6. In analyses regarding the outlook for the manufacturing sector, having a manufacturing index above zero indicates growth, while below zero indicates contraction.