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The United States manufacturing index slightly eased during the month of October, after having risen to 19-month high in September; manufacturing activity pulled back modestly in the Philadelphia region, but details of the report eased concerns about the durability of the factory sector.
The Philadelphia Federal Reserve Bank’s monthly index on regional manufacturing fell to 9.7 in October from 12.8 in September, which was the highest reading in 19 months, data released showed Thursday. Any reading above zero indicates that a net share of respondents saw a net increase in the level of general business activity.
The gauge of new orders jumped to 16.3 in October from 1.4 in the prior month. That is the highest level since Nov. 2014. The shipments index rose 24 points to 15.3. The equivalent New York Fed index fell to negative 6.8 from negative 2.
On an ISM-equivalent basis, the Philly Fed index rose to 51.5 in October, its best level since March, from 45.2 in September. A weak reading of 49.4 percent in the ISM index in August was seen as a warning sign about the factory sector. Meanwhile, the index recovered in September, rising to 51.5 percent in an index where readings over 50 percent indicate expansion.
