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Manufacturing in Philadelphia Regions Expands for Third Month
Source: Bloomberg.com
Manufacturing in the Philadelphia region expanded in August for the third straight month, the latest sign of an improving outlook for the industry after a slowdown earlier this year.
The Federal Reserve Bank of Philadelphia’s general economic index fell to 9.3 this month from a reading of 19.8 in July that was the highest since March 2011. Readings greater than zero signal growth in the area, which covers eastern Pennsylvania, southern New Jersey and Delaware.
“The manufacturing sector is healthy, it’s chugging along,” Josh Dennerlein, an economist with Bank of America Corp. in New York, said before the report. “It’s not super-strong growth, but it’s not contracting. It’s modest.”Factories are reaping the benefits of sustained gains in construction, auto sales and consumer demand. Stronger household balance sheets and improvements in overseas markets such as Europe might further boost manufacturing, which accounts for about 12 percent of the economy.
The median forecast of 54 economists surveyed by Bloomberg called for a reading of 15. Estimates ranged from 7 to 23.
A similar report from the Federal Reserve bank of New York today showed manufacturing in that region expanded in August for a third month. The so-called Empire State index fell to 8.2 from 9.5 in July. Readings greater than zero signal expansion in ... more

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