U.S. regional manufacturing sector continues to grow in October

Source: Xinhua | 2018-10-19

The October Manufacturing Business Outlook Survey indicated the manufacturing sector in some eastern U.S. states continued to grow, the Federal Reserve Bank of Philadelphia reported on Thursday.

The survey, conducted by the Federal Reserve Bank of Philadelphia which is responsible for the Third District covering eastern Pennsylvania, southern New Jersey and Delaware, suggested that the region's manufacturing sector indicators neared their readings in September and continued to grow in October.

The diffusion index for current general activity decreased from 22.9 in September to 22.2 this month. Nearly 36 percent of the manufacturers reported increases in overall activity this month, while 14 percent reported decreases.

However, the new orders index fell 2 points to 19.3.

The firms continued to report overall higher employment. More than 30 percent of the responding firms reported increases in employment this month, while 11 percent of the firms reported decreases in employment. The current employment index increased 2 points to 19.5. The current average workweek index increased from 14.6 to 20.8.

Looking ahead six months, the firms remain optimistic, and the survey's future indicators remained at relatively high levels.

The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.

Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington D.C., make up the Federal Reserve System.