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Manufacturing Growth Slows in October

October 21, 2021 by Forex Winner Leave a Comment

Manufacturing Growth Slows in October

Source: Philadelphia Fed

Manufacturing continued to expand in October, albeit at a slower pace, as more firms reported increases in general activity during the month.

  • The diffusion index for current general activity slipped 7 points to 23.8 in October, from 30.7 the previous month.
  • Over 40% of the firms said they experienced higher general activity for the month, while 17% reported declines.
  • Current shipments were essentially unchanged, while new orders increased by 15 points as nearly half of firms saw increases in new orders.
  • Firms continued to report increases in employment, with the index up to 30.7 from 26.3 the previous month.
  • The majority of the firms reported steady employment levels, 31% recorded increases, and 1% reported decreases.
  • The diffusion index for future general activity jumped 4 points to 24.2, with 47% of the firms expecting growth in the next six months.

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