WASHINGTON (dpa-AFX) - A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a steep drop by its reading on regional manufacturing activity in the month of October.
The Philly Fed said its diffusion index for current general activity plunged to 20.9 in October from 37.8 in September, although a positive reading still indicates growth. Economists had expected the index to drop to 30.0.
The bigger-than-expected decrease by the headline index partly reflected a sharp decline by the new orders index, which plummeted to 4.3 in October from 29.2 in September.
The shipments index also tumbled to 15.3 in October from 27.7 in September, while the number of employees index fell to 9.1 in October from 11.9 in September.
The report also said the prices paid index slid to 43.2 in October from 48.6 in October, although the prices received index jumped to 40.1 in October from 31.3 in September.
Looking ahead, the Philly Fed said firms continued to expect overall growth over the next six months, but the diffusion index for future general activity tumbled to 33.0 in October from 52.9 in September.
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