Philadelphia Manufacturing Growth Slows in October

anufacturing growth in the Philadelphia area contracted in October, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index dropped to minus 0.7 from minus 0.4 last month, its first decrease since April 2003, Bloomberg reported. The index was expected to rise to 7.

Meanwhile, new orders rose to 13.4 in October from minus 1.3 last month.

Index readings greater than 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.