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Philadelphia Fed's manufacturing index falls further, misses expectations

Manufacturing activity in the Third Federal Reserve District grew at a weaker-than-expected pace in October, continuing the slowdown seen in the prior month, according to latest data from the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey.

The diffusion index for general business activity dropped to 5.6 this month from 12.0 in September. The consensus estimate from economists polled by Econoday was for an index reading of 7.1.

The index for shipments fell to 18.9 from 26.4 in the previous month, while the index for new orders rose to 26.2 from 24.8.

Manufacturing employment increased in October, with the index for the number of workers climbing to 32.9 from 15.8 in the previous month.

The diffusion index for future general business activity, which measures manufacturers' expectations for the next six months, increased to 33.8 from 20.8.