Growth Accelerates for Philadelphia Manufacturers in September
Issue: August 2013, Posted Date: 9/24/2013
September manufacturing output in the Philadelphia region grew at a faster clip than it did in August, according to the Federal Reserve Bank of Philadelphia.
In the Philadelphia Fed's monthly survey of manufacturers, the broadest indicators for general manufacturing activity, new orders, shipments and employment were positive and higher than in August.
The survey's indicators of future activity were significantly higher, suggesting improved optimism about growth over the next six months.
The survey's broadest measure of manufacturing conditions, the diffusion index of current activity, jumped from 9.3 in August to 22.3 in September, marking its highest level since March 2011.
The index has been in growth mode for four straight months.
The demand for manufactured goods, as measured by the current-new-orders index, increased by 16 points to 21.2. Meanwhile, shipments rebounded from August: The current-shipments index increased by 22 points.
The survey covers manufacturing activity in eastern Pennsylvania, southern New Jersey and Delaware.