New York Factory Gauge Beats Forecasts as Philadelphia Index Retreats
New York factory activity strengthened beyond forecasts, while Philadelphia’s gauge fell but remained in expansion territory.
Key takeaways
- New York’s manufacturing index rose to 25.5, above the 12.1 forecast.
- Philadelphia’s index fell to 20.9, below the 28.2 forecast.
The New York Fed’s manufacturing index rose 17.9 points to 25.5 in October, beating the 12.1 market forecast. The Philadelphia Fed’s index fell to 20.9 from 37.8 in September, below expectations of 28.2.
In New York, the new orders index climbed to 23.2 and the shipments index rose to 13.1. The measure of future business conditions fell by 8 points to 21.
Philadelphia’s new orders index dropped to 4.3, while shipments fell to 15.3 and the employment index declined to 9.1. Both regional manufacturing indexes remained above zero, a sign of expansion.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
