Philadelphia Fed's Manufacturing Index Drops

anufacturing growth in the Philadelphia area fell more than expected this month, the Federal Reserve Bank of Philadelphia said Thursday.

The Philadelphia factory index for September fell to 2.2 from 17.5 in August, the Fed said. Analysts had forecast the level to fall to 13, Bloomberg reported.

Index numbers above zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.

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