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Philadelphia Fed Factory Index Improved to -0.7 in September

Thursday, 16 Sep 2010 10:36 AM

Sept. 16 (Bloomberg) -- Manufacturing in the Philadelphia region unexpectedly contracted in September for a second month.

The Federal Reserve Bank of Philadelphia’s general economic index improved to minus 0.7 this month from minus 7.7 in August. Readings less than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware.

Economists forecast the measure would rise to 0.3, according to the median of 57 projections in a Bloomberg News survey. Estimates ranged from minus 7.2 to 5.

Other reports today showed claims for jobless benefits unexpectedly dropped and producer prices rose.

The number of Americans filing unemployment insurance claims dropped to 450,000 last week, the lowest level in two months, data from the Labor Department showed. The agency also reported that wholesale costs climbed 0.4 percent, the second consecutive gain.

--Editor: Carlos Torres

To contact the reporter on this story: Bob Willis in Washington at bwillis@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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Sept. 16 (Bloomberg) -- Manufacturing in the Philadelphia region unexpectedly contracted in September for a second month. The Federal Reserve Bank of Philadelphia’s general economic index improved to minus 0.7 this month from minus 7.7 in August. Readings less than zero...
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Thursday, 16 Sep 2010 10:36 AM
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