Philadelphia Fed Index Falls in October

The manufacturing sector within the Philadelphia region continued to lose some momentum in October, according to data from Philadelphia Federal Reserve.

Thursday, the Philadelphia Federal Reserve said the index of its manufacturing business outlook survey, also referred to as the Philly Fed survey, fell to a level of 20.7, following September’s reading of 22.5.

According to consensus forecasts, economists expected the survey’s readings to drop to about 19.9.

The Philadelphia regional data comes a day after the New York Fed reported a 21-point drop in its manufacturing survey. On Wednesday the regional central bank said that the Empire State manufacturing survey dropped to a reading of 6.2 in October, following September’s reading of 27.5.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza