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Last Update: 20-Oct-11 10:44 ET
Manufacturing Growth in the Philly Region Unexpectedly Expands
The Philadelphia Fed's Business Outlook returned to positive territory in October as the index increased from -17.5 in September to 8.7. The Briefing.com consensus expected the index to improve from September, but to remain negative at -8.8.
Solid gains were sen in just about every area of the report.
New orders reentered an expansion cycle as the respective index increased from -11.3 in September to 7.8 in October. The gain in new orders put upward pressure on production. The business shipments index rebounded from -22.8 in September to 13.6 in October.
Unfilled orders also returned to positive territory, increasing from -10.4 in September to 3.4 in October. An expansion in unfilled orders will help keep shipments positive in the event of weaker new orders next month.
The number of employees declined slightly, but remained in an expansion mode. The number of employees index fell from 5.8 in October to 1.4 in September. Those workers, however, worked a longer workweek as the respective index increased from -13.7 in September to 3.1 in October.
Solid gains were sen in just about every area of the report.
New orders reentered an expansion cycle as the respective index increased from -11.3 in September to 7.8 in October. The gain in new orders put upward pressure on production. The business shipments index rebounded from -22.8 in September to 13.6 in October.
Unfilled orders also returned to positive territory, increasing from -10.4 in September to 3.4 in October. An expansion in unfilled orders will help keep shipments positive in the event of weaker new orders next month.
The number of employees declined slightly, but remained in an expansion mode. The number of employees index fell from 5.8 in October to 1.4 in September. Those workers, however, worked a longer workweek as the respective index increased from -13.7 in September to 3.1 in October.
