Philly Fed survey shows Manufacturing expanding at ‘healthy clip.’
The AP (12/18) reports the Federal Reserve Bank of Philadelphia announced Thursday that its regional factory activity index fell to 24.5 this month. The figure, where anything above zero indicates expansion, was at 40.8 in November and was the highest reading in more than 20 years. The data shows that despite the drop in the index, “regional manufacturing is still growing at a healthy clip” and is driving economic expansion. The survey also shows factories are hiring at a slower pace and that new orders and shipments fell. Manufacturers surveyed also said they expect to modestly boost wages due to an expected increase in healthcare costs.