Numbers: The Philadelphia Fed Bank said Thursday that its gauge of business activity in the region fell from 30.7 last month to 23.8 in October. Readings above zero indicate that the condition is improving. Economists polled by The Wall Street Journal expected a reading of 24.5. The index soared in September and was expected to pull back. Readings above zero indicate a manufacturing expansion.
Big picture: The reading of 23.8 is in a solid growth area.
According to a similar survey conducted by the Federal Reserve Bank of New York last week, manufacturing fell 14.5 points to 19.8 in October.
Investors review two reports primarily to understand the US National ISM Index. In September, the ISM Factory Index rose from 59.9% last month to 61.1%.
Market reaction: stock
Thursday was expected to fall after a surge in strong earnings in the third quarter.
Philadelphia Fed’s manufacturing index recedes, but October growth remains healthy
http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-76EB-17A7BCCB094D%7D&siteid=rss&rss=1 Philadelphia Fed’s manufacturing index recedes, but October growth remains healthy