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Tuesday, December 1, 2020
HomeNewsEconomyPhiladelphia Fed Manufacturing Index Falls Less than Expected in November

Philadelphia Fed Manufacturing Index Falls Less than Expected in November

Manufacturing Export Wooden Crate, reading Made in Pennsylvania. 3D Illustration. (Photo: AdobeStock)

Mid-Atlantic Manufacturing Firms Expect Softer Growth Under Potential Biden Administration

Manufacturing Export Wooden Crate, reading Made in Pennsylvania. 3D Illustration. (Photo: AdobeStock)
Manufacturing Export Wooden Crate, reading Made in Pennsylvania. 3D Illustration. (Photo: AdobeStock)

Philadelphia, Penn. (PPD) — The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey fell less than expected in November, but growth slowed from October. Most manufacturing firms continue to see future growth, though softer under a Biden Administration, the Federal Reserve Bank of Philadelphia reported.

Forecasts ranged from a low of 20.0 to a high of 40.0. The consensus forecast was 24.5. The headline diffusion index fell 6 points to 26.3 in November, its sixth consecutive positive reading after reaching lows in April and May (see chart).

Forty-two percent (42%) of manufacturing firms reported gains while those reporting decreases came in at 15%. The index for new orders fell 5 points to a reading of 37.9.

Nearly 49% of the firms saw increases in new orders this month, down from 55% last month. The current shipments index fell 22 points to 24.9 in November. Nearly 41% of the firms reported higher shipments juxtaposed to 57% last month.

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Staff Writing Group

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