By Dave Sebastian
Manufacturing activity continued to rise in the mid-Atlantic region in November, the Federal Reserve Bank of Philadelphia said Thursday.
The Philly Fed's Manufacturing Business Outlook Survey's index of business activity rose to 10.4 in November from a reading of 5.6 in October. Economists polled by The Wall Street Journal expected a reading of 5.
The new order index declined to 8.4 in November from 26.2 in October. The index that gauges current shipments declined to 9.8 in November from 18.9 last month.
The index tracking unfilled orders fell to 6 from 18.8 in the prior month, and the index gauging delivery times rose to 8.5 from 8 in October.
Inventories declined to negative 4.6 from 6.6 last month.
The prices paid index declined to 7.8 from 16.8 in October. The prices received index fell to 12.2 from 16.4 last month.
Surveyed firms' median forecast of the changes in the prices of their own products and for U.S. consumers over the next four quarters was an increase of 2.5%, more than the 2% that was forecast when the question was asked in August.
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