According to the November Manufacturing Business Outlook Survey, the current indicators for general activity, new orders, and shipments remained positive for the sixth consecutive month but fell from their readings in October. Most future indexes also moderated this month but continued to indicate that firms expected growth over the next six months.
The diffusion index for current activity decreased 6 points to 26.3 in November, its sixth consecutive positive reading after reaching long-term lows in April and May.
The percentage of firms reporting increases this month exceeded the percentage reporting decreases. The index for new orders decreased 5 points to a reading of 37.9. The current shipments index fell 22 points to 24.9 in November.
The survey showed that the current employment index increased 15 points to 27.2 this month. Employment increases were reported by 34 percent of the firms, while 7 percent reported decreases.
The respondents recorded weaker expectations for growth compared with October. The diffusion index for future general activity decreased 18 points to 44.3 in November. The percentage of firms expecting growth over the next six months remained significantly greater than the percentage expecting declines.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey and Delaware.
The 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.
Latest comments