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Mid-Atlantic manufacturing crawls back

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Mid-Atlantic manufacturing crawls back

After a lackluster October, manufacturing is back in expansion mode.

According to the Philadelphia Reserve, manufacturing in the mid-Atlantic region rebounded somewhat in November, and has returned to expansion mode.

The Fed reported today that its closely-watched manufacturing activity index for the region increased to 1.9 in November, after a dismal reading of -4.5 in October.  (Readings above 0 indicate expansion.)  It was the first positive reading in three months.

Analysts had expected a reading of -1.0.

Indices for new orders and shipments remained negative, however, although they increased from lower readings in October.

The labor picture was mixed, with a slight increase in overall employment offset by declines in average work hours.

Prices were effectively steady, and the report’s future indicators showed improvement.


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