Factory growth slows only slightly in Philadelphia area
WASHINGTON - October 17, 2013 (WPVI) -- A survey showed manufacturing growth in the Philadelphia region slowed only slightly this month, suggesting the 16-day partial government shutdown had less impact on U.S. factories than many had feared.
The Federal Reserve Bank of Philadelphia said Thursday that its index of regional manufacturing activity declined to 19.8 in October, down from a September reading of 22.3.
Any reading above zero indicates expansion. Despite the decline, manufacturing in the region has grown for five straight months. And measures of hiring and new orders both rose in October, signs that activity should pick up in the coming months.
"This is a fairly strong result, especially given the turmoil in Washington," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.
The Philadelphia Fed report followed a report Tuesday that factory growth in the New York region declined this month, according to the New York Fed's Empire State manufacturing index. The drop in activity in the New York region was also blamed in part on the shutdown.
The government reopened on Thursday. Federal workers are reporting back to work now that Congress passed a temporary spending bill and lifted the government's borrowing limit.
philadelphia news, economy, local/state
- Malaysian police examine pilot's flight simulator 50 min ago
- AccuWeather: Tracking light snow tonight 29 min ago
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Police: Driver, who hit pedestrian, hit by car 49 min ago
- Police: Man strikes own brother in hit and run 57 min ago
- Berks County man stabbed to death in Bahamas
- 2 men, sitting in SUV, shot in Chester 19 min ago
- Van crash leaves 2 men trapped in Center City 20 min ago
- Victim critical after stabbing in Frankford 9 min ago
- 2 women injured in Overbrook fire 13 min ago
- Delaware man charged with 12th DUI
- Honda recalling 886,815 Odyssey minivans
- Comedian David Brenner, 'Tonight' favorite, dies 44 min ago
- AccuWeather: Tracking light snow tonight
29 min ago
- Police: Man strikes own brother in hit and...
57 min ago
- Malaysian police examine pilot's flight...
50 min ago
- Comedian David Brenner, 'Tonight' favorite,...
44 min ago