By Ed FranklManufacturing activity in the Philadelphia area contracted in September, a lower reading than expected, indicating further weakening of the region's industrial sector. The data, based on a survey among manufacturers in the region, suggest that activity contracted as the index came in below zero. The Philadelphia Fed survey polls manufacturing firms in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey and Delaware. The survey's indicators for general activity, new orders and shipments were all negative after turning positive in August, the Philly Fed said. The new orders index declined to minus 10.2 from a positive 16.0 in August, while the shipments index fell to minus 3.2, the Philly Fed said.

Source: Wall Street Journal September 21, 2023 13:13 UTC