Manufacturing activity in the Philadelphia region contracted in September for the third time in four months, though the drop wasn’t as bad as the tumble last month that rattled markets, according to data released Thursday.
The Philadelphia Fed said its index of current activity was -17.5 in September, an improvement from the -30.7 reading in August.
Economists polled by MarketWatch had anticipated a -13.4 reading for September, though the miss wasn’t as stark as the August reading that shocked the market and economists alike.
The August reading came after a wrenching debate in Congress over the debt ceiling and the ensuing downgrade of the U.S. credit rating that may have proved to be more a hit to confidence than underlying activity.
Nonetheless, the data in the Philly report — as well as a separately released gauge from the New York region — weren’t comforting.
A separate gauge measuring new orders showed a similar path, rising to -11.3 from -26.8 in August.
The shipments gauge got worse in September, sliding to -22.8 from -13.9.
Employment swung back into positive territory but not a high level at 5.8.
The broadest indicator for future activity improved notably, increasing 20 points and nearly reversing the 22-point decline in August, the Philadelphia Fed said.
Still, the 21.4 reading for September compares to a 63 reading in March.
The Philly Fed and Empire State indexes are diffusion indexes, taken by subtracting the percentage of respondents who say activity fell from those who say it rose.
This reading reflects data received through Sept. 13. Separately, the Labor Department said weekly jobless claims rose to 428,000, while consumer prices climbed
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