DATA SNAP: Philadelphia Area Factory Output Rises In November
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Philadelphia Fed Nov Oct ! Consensus !
Business Activity 16.7 11.5 ! Bus Index: 12.0 !
Prices Paid 14.9 21.3 ! Actual !
Employment -0.5 -6.8 ! Bus Index: 16.7 !
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By Michael S. Derby
Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Mid-Atlantic manufacturers enjoyed another month of
rising activity in November, as job losses moderated and prospects for the
sector improved.
The Federal Reserve Bank of Philadelphia said Thursday that its business
activity index moved to 16.7, from 11.5 in October and 14.1 in September.
Readings over zero indicate expansion, and November's reading was over the 12.0
economists had expected to see.
The Philadelphia Fed report is a positive sign for the economy. The release is
closely watched because it is one of the first major reports of activity in any
given month, and its findings offer important signals about the state of
national manufacturing activity.
"Activity in the region's manufacturing sector is picking up," the report
said. "The region's manufacturing executives expect increasing activity over the
next six months, although expectations have moderated somewhat in the last
several months," it added.
The report's details were generally positive. The bank said its new orders
index hit 14.8, from 6.2 in October, while the shipments index was 15.7, from
3.3 the prior month.
The hiring situation got less dire, with the employment index at -0.5, versus
-6.8 in October. Meanwhile, inflation was mixed, with the November prices paid
index at 14.9, from 21.3 the month before, while the prices received index hit -
1.5, from -4.3.
-By Michael S. Derby, Dow Jones Newswires; 212-416-2214; michael.derby@
dowjones.com
(END) Dow Jones Newswires
11-19-091028ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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