Economic Report: Philly Fed manufacturing index signals steady growth in October

Bloomberg News/Landov
A welder works on assembly of a new container ship being built in Philadelphia.

The numbers: The Philadelphia Fed manufacturing index fell slightly to 22.2 in October from 22.9 in September, the regional district of the central bank said Thursday. That’s better than expected. Economists has expected a slight pullback to 20.5 after the factory index had jumped 11 points in September.

Any reading above zero indicates improving conditions.

What happened: The new-orders index slipped to 2.1 points to 19.3, while the shipments index rose 4.9 points to 24.5. Inventories, unfilled orders and delivery times had nearly no change near zero. Upward pressure on input prices have moderated.

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