Manufacturing in Philadelphia area grows more than forecast
Manufacturing in the Philadelphia region expanded in October for the first time in six months, a sign the industry may be starting to stabilize. The Federal Reserve Bank of Philadelphia's general economic index rose to 5.7 from minus 1.9 in September, a report showed. A reading of zero is the dividing line between expansion and contraction. The median forecast of 61 economists surveyed by Bloomberg was for an increase to 1. The report, contrasting with data showing New York-area factories shrank for the third straight month, indicates that a pillar of the recovery is starting to regain its footing.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063