Philadelphia Fed Index Slides in November, but Outlook Strong

The Federal Reserve Bank of Philadelphia said Thursday its regional index of manufacturing fell to 20.1 in November from 28.5 last month.

However, any number greater than zero signals a higher percentage of the manufacturers surveyed reported an improvement in business than deterioration. And a measure of expectations for business six months from now surged to 52.1 from 27.6.

"Although some indicators of current business conditions declined from their readings in October, all indicators point to continued growth in the region's manufacturing sector," the Fed said in a statement.

Manufacturing is one of trucking's largest and most important customers. The index reached a 10-year high of 38.8 in January but also a 14-month low in September.

The Fed said its new orders index dipped to 22.1 from 24.6 and the index of unfilled orders rose to minus 1.2 from minus 5.4. However, an index of employment rose to 17.4 from 14.1.

The survey covers Delaware, eastern Pennsylvania and southern New Jersey.

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