US Philadelphia Fed manufacturing index falls into contraction in September

Firms continued to report decline in employment; indicators for new orders, shipments also declined, says Philadelphia Fed

By Ovunc Kutlu

ISTANBUL (AA) - The Philadelphia Federal Reserve in the US announced Thursday its manufacturing index plummeted ino contraction territory in September.

The index for current general activity dove 25 points to -13.5 in September, from 12.0 in August, recording its 14th negative reading in the past 16 months.

Markets expected the index to come in at -0.7.

A level above zero indicates improving conditions, while anything below that shows worsening conditions.

"On balance, the firms continued to report a decline in employment," the Philadelphia Fed said in a statement. "The indicators for new orders and shipments also declined."

Kaynak:

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