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.
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