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    August 16, 2013

    Philly and NY Survey's Post Slower Manufacturing Growth

    Written by Sandy Williams

    Manufacturing continued to expand in the Philadelphia region in August but with slightly less optimism for the current pace of growth. The general economic index of The Federal Reserve Bank of Philadelphia’s Business Outlook Survey fell to 9.3 this month from 19.8 in July (its highest reading since March 2011) and has been in the expansion range now for three consecutive months.

    Demand slowed in August as indicated by a drop of 5 points in the new orders index to 5.3. Shipments, unfilled orders and delivery times all showed negative readings this month suggesting weaker conditions. The employment index dropped 4 points but more firms surveyed reported more increases in hiring than decreases.

    Sandy Williams

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