Philly Fed factory activity index rises Oct

NEW YORK, Oct 21 (BestGrowthStock) – Factory activity in the U.S.
Mid-Atlantic region grew by less than expected in October, a
survey showed on Thursday, though the reading suggested a
slight improvement after two months of contraction.

The Philadelphia Federal Reserve Bank said its business
activity index came in at 1.0 in October after minus 0.7 in
September.

Economists had expected a reading of 2.0, based on the
results of a Reuters poll, which ranged from minus 5.0 to plus
10.0.

The survey had shown a contraction in August and
September.

Any reading above zero indicates expansion in the region’s
manufacturing. The survey covers factories in eastern
Pennsylvania, southern New Jersey and Delaware.

It is seen as one of the first monthly indicators of the
health of U.S. manufacturing leading up to the national report
by the Institute for Supply Management, which is due next on
Nov. 1.

(Reporting by Leah Schnurr, Editing by Chizu Nomiyama)

Philly Fed factory activity index rises Oct