Philly Fed index drops more than expected in October
Manufacturing conditions in the Philadelphia region deteriorated a little more than expected in October, according to a survey released on Thursday.
The Philadelphia Fed current manufacturing index declined to 23.8 from 30.7 in September, missing expectations for a reading of 25.0.
The index for new orders rose from 15.9 to 30.8, while the shipments index printed at 30.0 in October, little changed on 29.9 the month before. The employment gauge, meanwhile, rose to 30.7 from 26.3.
Oxford Economics said: "Looking ahead, voracious goods demand will keep factory assembly lines churning out products at a healthy clip.
"However, growth will be constrained by persistent supply chain disruptions, which we think will drag on activity well into 2022, with the risk of persisting into 2023."