Philly Fed Index Unexpectedly Jumps To 32.3 In October
A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a significant acceleration in the pace of growth in regional manufacturing activity in the month of October.
The Philly Fed said its diffusion index for current activity jumped to 32.3 in October from 15.0 in September, with a positive reading indicating growth in regional manufacturing. Economists had expected the index to edge down to 14.0.
Looking ahead, most future indexes increased and continue to reflect optimism among firms about growth over the next six months.