The Philadelphia Fed’s manufacturing index improved in October, but missed estimates.
The reading on manufacturing activity came in at -4.5. Economists had estimated that the index improved to -2 from -6, according to Bloomberg.
Earlier Thursday, the New York Fed’s Empire State Manufacturing Survey showed an improvement to -11.36 from -14.67 in September.
Overall, US manufacturing remains generally weaker.
From the report:
“The indicator for general activity remained negative, while the new orders and shipments indexes turned negative this month. Labour market indicators also weakened. The survey’s indicators for prices of inputs and for firms’ own products suggest near-steady prices this month. Although the survey’s future indicators decreased this month, a minority of firms expect a continued downturn in business activity over the next six months.”