Federal Reserve Bank of Philadelphia October 2022 Manufacturing Business Outlook Survey[Manufacturing activity in the region continued to decline overall this month]

 

October 2022 Manufacturing Business Outlook Survey

 

Note: Survey responses were collected from October 10 to October 17.

Manufacturing activity in the region continued to decline overall this month, according to the firms responding to the October Manufacturing Business Outlook Survey. The survey’s indicators for general activity and new orders remained negative, and the shipments index was little changed at a low but positive reading. The firms continued to report higher employment on balance, and both price indexes indicate overall increases in prices. The survey’s future general activity indexes suggest that the surveyed firms expect declines overall over the next six months.

Current Indicators Remain Weak

The diffusion index for current general activity edged up 1 point but remained negative at -8.7 this month (see Chart 1). This is the index’s fourth negative reading in the past five months. Nearly 24 percent of the firms reported decreases in general activity this month, while 15 percent reported increases; most firms (55 percent) reported no change. The index for new orders ticked up 2 points to -15.9, and the current shipments index was essentially unchanged at 8.6 in October, its lowest reading since May 2020.

 

 

 

 

 

 

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