Philadelphia Index Declines But Shows Economic Expansion

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anufacturing growth in the Philadelphia area fell this month from October but still showed expansion, the Federal Reserve Bank of Philadelphia said Thursday.

The Philadelphia economic index dropped to 11.5 from 17.3, the Fed said.

The decline was greater than analysts’ forecasts of 15.3, 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 factory sector is one of trucking's largest and most important customers.

The survey’s index of prices received by factories fell to 32.5 from 32.6 in October. Prices paid for raw materials fell to 56.8 from 67.6, which had been highest level in 25 years.

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

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