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Philadelphia Fed manufacturing activity slows less than expected

Manufacturing activity in the Third Federal Reserve District slowed less than expected in September, data from the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey showed.

The index for current manufacturing activity edged down to 12.0 from 16.8 in August, compared to the Econoday consensus estimate of 11.0.

The index for current new orders edged down to 24.8 this month from 25.8, while the shipments index rose to 26.4 from August's 19.0.

The reading for unfilled orders jumped to 17.6 from 9.1 last month, while the employment index climbed to 15.8 from the prior month's reading of 3.6.

The diffusion index for future general activity dropped nearly 12 points to 20.8, with 37% of those surveyed expecting a rise in business activity over the next six months, and 16% expecting declines.

The Third Federal Reserve District covers eastern Pennsylvania, southern New Jersey and all of Delaware.