Philadelphia Factory Index Expands in October

Manufacturing levels in the Philadelphia expanded at a slower pace in October than in September, the Federal Reserve Bank of Philadelphia said Thursday.

The area factory index dropped to 11.4 reading, from 14.1 in September, the regional Fed said. September’s reading was the highest since June 2007.

Figures greater than zero indicate expansion, while those less than zero show contraction.

The reading was lower than economists’ forecasts, Bloomberg reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.