Philly’s index grows
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Manufacturing News, Source : TheManufacturer.com
Published : 20 Sep 2002 21:46
Manufacturing in the Pennsylvania region improved slightly during September, according to the Philadelphia Federal Reserve’s monthly regional index.
The current activity index increased to 2.3, up from -3.1 in August. Philadelphia’s index often foreshadows changes in the Institute for Supply Management’s index, the most closely followed non-government factory gauge.
“Overall manufacturing conditions improved modestly this month,” stated Mike Trebing, senior economic analyst for the Philadelphia Federal Reserve. “Most of the survey’s broad indicators of current activity recovered from their negative August readings. Although survey responses indicated no increases in overall manufacturing employment during September, job losses were not as widespread as in the previous month. The executives surveyed remain optimistic about growth in the manufacturing sector over the next six months.”
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