A manufacturing assembly line at the Heinz factory in Pittsburgh, Pennsylvania. (Photo: Courtesy of Heinz)
The Philadelphia Federal Reserve Manufacturing Business Outlook Survey decreased from 22.2 in October to 12.9 in November, the lowest since August. The report widely missed the consensus forecast, coming in lower than the lowest forecast range.
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Nearly 35% of the manufacturers reported increases in overall activity for November, while 22% reported decreases. Optimism in both current conditions post-October and in the 6-month outlooks took a toll, as new orders fell 10 points to 9.1.
The current shipments index fell 3 points to 21.6. However, firms reported an increase in inventories during November and, following two months of negative readings, the inventories index rose 10 points to 9.5.
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