Investing.com - The Philadelphia Fed's manufacturing index fell in November, to a reading of 12.9 from 22.2 in October, the Philly Fed reported on Thursday.
The consensus forecast had been for a reading of 20.7.
Any reading above zero indicates improving conditions, below indicates worsening conditions.
While the region experienced slower growth in November "the survey’s broad current indicators remained positive, and firms continued to report increases in overall employment," the report noted.
With regard to future activity in the sector, new orders fell to 9.1 from 19.3.
The employment index contracted to 16.3 in November, compared to a prior reading of 19.5, indicating a slower pace of hiring.
Meanwhile, the prices paid index increased to 39.30 from 38.20 in October.
In a seperate report, the Empire State manufacturing index rose in November, to a reading of 23.30 from 21.10 in the prior month, the New York Fed reported. The consensus forecast had been for a reading of 19.30.