A manufacturing assembly line at the Heinz factory in Pittsburgh, Pennsylvania. (Photo: Courtesy of Heinz)
The Philadelphia Federal Reserve Manufacturing Business Outlook Survey came in at 22.2 in October, down slightly from 22.9 but still very strong. The median forecast called for a reading of 20 flat.
The most positive result in the report was the contraction in backlog orders, which came in at -2.3 vs an elevated 12.6 in September.
Source: Federal Reserve Bank of Philadelphia
