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Mid-Atlantic manufacturing head into contraction

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Mid-Atlantic manufacturing head into contraction

After a brief bounce-back in November, manufacturing activity reverses course.

According to the Philadelphia Reserve, manufacturing in the mid-Atlantic region fell back into contraction mode in December after expanded slightly in November.

The Fed reported today that its closely-watched manufacturing activity index for the region decreased to -5.9 in December, following a 1.9 reading in November.  (Readings above 0 indicate expansion.)  It was the third contractionary result in four months.

Analysts had expected a reading of 1.5.

The report follows a similar report from the New York Fed earlier this week which showed manufacturing in New York state also in contraction.

 

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