Philly Fed Index Pulls Back Much Less Than Expected In September

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a smaller-than-expected pullback by its reading on regional manufacturing activity in the month of September.

The Philly Fed said its diffusion index for current general activity fell to 37.8 in September after climbing to 47.4 in August, although a positive reading still indicates growth. Economists had expected the index to slump to 30.5

Looking ahead, the Philly Fed said its diffusion index for future general activity plummeted to 52.9 in September from 73.6 in August but noted firms continued to expect overall growth over the next six months.