Federal Reserve Bank of Philadelphia (10/16/14)

Firms responding to the Federal Reserve Bank of Philadelphia’s October Manufacturing Business Outlook Survey indicated continued growth in the region’s manufacturing sector this month. However, most broad indicators of current growth, while positive, weakened from higher readings last month. The current activity, shipments, and employment indexes declined, while the index for new orders was at a higher level compared with September. The survey’s indicators for future manufacturing conditions fell from higher readings but continued to reflect general optimism about growth in activity and employment over the next six months.

The survey’s indicators for labor market conditions suggest some moderation in employment growth this month. Although positive for the 16th consecutive month, the employment index decreased nine points. Twenty percent of firms reported increases in employment, exceeding the percentage reporting decreases (8%). For the first time in eight months, the workweek index was slightly negative.