Investing.com - Activity among U.S. manufacturers in the Philadelphia region slowed slightly in October, but the report indicated that regional manufacturing conditions continued to improve.
The Philadelphia Federal Reserve’s index of business conditions came in at 9.7 this month, down from 12.8 in September.
Economists had expected a reading of 5.3 this month.
A reading below zero means more companies are expanding instead of contracting.
The index for new orders rose to 16.3 this month from 1.4 in the prior month.
The shipments index rose by 24 points to 15.3.
Firms reported continued weakness in manufacturing employment. The current employment index edged up slightly to -4.0.
Overall, firms remain optimistic about business conditions over the next six months, and prospects for employment continue to be upbeat. The index for future activity ticked down to 32.6 from 37.5 in September.