By Ovunc Kutlu
ISTANBUL (AA) - The Philadelphia Federal Reserve in the US said Thursday that its manufacturing index in September rebounded strongly from the previous month when it posted its first negative reading since January.
The index for current general activity increased from -7.0 in August to 1.7 in September
The expectation for the index was to come in at -0.8.
A level above zero indicates improving conditions, while anything below that shows worsening conditions.
"Nearly 22 percent of the firms reported increases in general activity this month, while 20 percent reported decreases; 51 percent reported no change," the Philadelphia Fed said in a report.
The indexes for new orders and shipments, on the other hand, declined and turned negative, it added.
The new orders index decreased 16 points to -1.5, while the shipments index fell 23 points to -14.3 -- its lowest reading since March 2023.