New York Fed Manufacturing Index Rises, Philadelphia Fed Manufacturing Index Declines
In October in the U.S., the New York Fed manufacturing index exceeded expectations, rising to 25.5, while the Philadelphia Fed index dropped to 20.9.
According to October data released in the United States, the New York Fed manufacturing index recorded an increase of 17.9 points, while the Philadelphia Fed manufacturing index fell short of market expectations.
New York Fed Manufacturing Index Data
The New York Fed published its manufacturing index report for October. According to the report, the results of the survey conducted with firms operating in the manufacturing sector in the state presented a positive picture.
Increase Above Expectations
Increasing by 17.9 points in October compared to the previous month, the manufacturing index reached the level of 25.5. Market expectations for this period pointed to an index value of 12.1.
September Level and Activities
The index, which signals that manufacturing industry activities have strengthened in New York State, stood at 7.6 in September.
New Orders and Shipments Status
During the period in question, the new orders index increased by 21.2 points to 23.2. The shipments index showed an increase of 16.3 points, rising to 13.1.
Future Business Conditions
The index reflecting expectations for future business conditions in the manufacturing sector declined to 21 after recording a decrease of 8 points.
Decline in Philadelphia Fed Index
According to October manufacturing index data released by the Philadelphia Fed, a decline was observed in the region's activities.
Remained Below Market Expectations
The index, which shows the general course of manufacturing industry activities in the region, dropped from 37.8 in September to 20.9 in October. Market expectations were for this data to be 28.2.
Sub-Indices and Expansion Threshold
The new orders index decreased by 25 points to 4.3, the shipments index decreased by 12 points to 15.3, and the employment index fell by 3 points to 9.1. Values above zero in the indices indicate expansion.