US Philadelphia Fed manufacturing index still in contraction in October

By Ovunc Kutlu

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

The index for current general activity increased five points but remained at ‑9.0, recording its 15th negative reading in the past 17 months.

While the markets expected the index to come in at -6.4, it dove 25 points to -13.5 in September.

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

"The survey’s indicator for general activity remained negative, while the indicators for new orders and shipments were positive but low," the Philadelphia Fed said in a statement, adding "Price indexes indicate overall increases in prices."

"The firms continue to expect growth overall over the next six months, but most future indicators declined," it noted.