Philly Fed Index Pulls Back Less Than Expected In November
Philadelphia-area manufacturing activity has seen continued growth in the month of November, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday, although the pace of growth slowed compared to the previous month.
The report said the Philly Fed Index pulled back to 26.3 in November after spiking to 32.3 in October, but a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 22.0.
Looking ahead, the Philly Fed said most future indexes also moderated this month but continue to indicate that firms expect growth over the next six months.