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Philadelphia Fed Manufacturing Business Outlook Survey Up in September

Philadelphia Federal Reserve Bank (09/18/14)

Firms responding to the Philadelphia Federal Reserve Bank’s Manufacturing Business Outlook Survey indicated continued growth in the region’s manufacturing sector in September. Although the current activity index fell from its relatively high reading in August, the other broad indicators increased from their readings last month. The survey’s indicators for future manufacturing conditions reflect general optimism about growth in activity and employment over the next six months.

The employment index increased 12 points to its highest reading since May 2011. The percentage of firms reporting increases in employment (26%) exceeded the percentage reporting decreases (5%). Nearly 44% of the firms are expecting growth in their employment levels over the next six months, up from 37% last month. The future employment index increased sharply, from 24.7 to 39.6, its highest reading since September 1983.