The Philadelphia Fed’s manufacturing index picked up slightly to a reading of 7.0 in December from 6.5 in November
Economists polled by MarketWatch expected a reading of 11.0
Readings for new orders, shipments and employment improved slightly in November
The index has been in positive territory for seven straight months
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WASHINGTON (MarketWatch) — Manufacturing in the Philadelphia region rebounded only slightly in December after falling to its lowest reading in seven months in November, according to a new survey released Thursday
The Philadelphia Fed’s manufacturing index inched up to 7 in December from 6.5 in November
Economists polled by MarketWatch expected a rebound to 11.
Readings on new-orders shipments and employment picked up a bit in December. The index has been in positive territory for seven-straight months.
The survey found that firms remain optimistic about future growth although slightly less so than in the prior month.
Earlier this week, the regional survey conducted by the New York Fed limped into positive territory in November.
Economists said the results of the surveys were disappointing and hinted at a slowdown in the national ISM factory index to be released early next month.
The ISM factory index rose to 57.3 in November, its highest level since April 2011. The December reading will be released on Jan. 2.
The latest regional surveys have not been as strong as other recent nationwide indicators that have shown more momentum in the factory sector.
The Federal Reserve reported that industrial production in November saw the biggest one-month gain in a year and surpassed its prerecession peak, while the Markit flash purchasing-managers index for December signaled a somewhat slower pace of activity at a still-strong 54.4 reading.
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