Economic conditions in the Philadelphia region’s manufacturing sector improved slightly in November, according to a report released Thursday.
The Philadelphia Federal Reserve’s Business Outlook Survey noted better indicators for general activity and shipments over the previous month’s numbers, but new orders and employment weakened.
Firms continued to report higher prices for inputs and their own manufactured goods, although the survey’s price indicators continued to decrease. The region’s manufacturing executives were slightly less optimistic about future activity, with most future indicators declining from their readings in October.
The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from -0.7 in October to 5.1 this month.
New orders index fell 17 points, to -3.7, eliminating the 15-point gain of the previous month. The shipments indexed remained on the positive side, improving by one point. Unfilled orders remained in the red, but rose seven points in total.
Firms reporting increased employment were matched by the percentage of firms reporting decreased employment in November and the current employment index fell nine points from its October reading.
The prices-paid index fell five points in November, marking the fifth consecutive month to see a drop. The index is now at its lowest reading in eight months.
Expectations for future manufacturing growth moderated slightly this month, following a 17-point increase last month. Indicators for future activity, new orders, and shipments remained positive but decreased from their readings in October.
The entire report can be accessed by clicking here.