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Manufacturing growth in mid-Atlantic region slows

Nov. 21, 2013 at 12:04 PM

PHILADELPHIA, Nov. 21 (UPI) -- The Philadelphia Federal Reserve Bank said the bank's mid-Atlantic manufacturing index showed slower growth in a November survey.

The business index for the month dropped down from 19.8 to 6.5 this month.

Although growth appears to have slowed, the index has remained above zero for six consecutive months, the Fed said.

In the November survey, 30 percent of respondents indicated business activity was increasing, while 24 percent indicated business activity was slowing down.

The new orders index in November fell sharply, sliding from 27.8 to 11.8, as 35 percent of respondents indicated orders were rising, compared with 41 percent in October.

The current employment index dropped off from a 19-month high, falling 14 points to 1.1, as 13 percent of respondents indicated they were hiring, compared to 23 percent in October.

"Firms on balance reported lower work hours, with the average workweek index falling from 8.5 to minus 8.6", the Fed said.

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