Investing.com - The Philadelphia Fed's manufacturing index fell in October, to a reading of 22.2 from 22.9 the prior month, the Philly Fed reported on Thursday.
The consensus forecast was for a reading of 19.7.
Any reading above zero indicates improving conditions, below indicates worsening conditions.
The Philly fed said that the index suggested steady growth with all broad indicators reporting readings near their their September numbers.
"Looking ahead six months, the firms remain optimistic, and the survey’s future indicators remained at relatively high levels. On balance, the firms also expect higher capital spending next year," the report noted.
With regard to future activity in the sector, new orders fell to 19.3 in October, compared to prior month's reading of 21.4.
The employment index was advanced to 19.5 in October, compared to a prior reading of 17.6, indicating a faster pace of hiring.
Meanwhile, the prices paid index fell to 38.20 this month from 39.60 in September.