From CNN/Money:
Philly Fed points to stalling economy
Mid-Atlantic factory activity retrenched for the first time in over three years in September, the latest sign of a rapidly-slowing economy.
The Philadelphia Federal Reserve Bank said Thursday its business activity index tumbled to negative 0.4 this month from 18.5 in August, far beneath forecasts of about 14.8. It was the first reading below zero since April 2003, indicating a decline in regional manufacturing.
…
“The region’s manufacturing executives were significantly less optimistic about future activity, with most indicators dipping to their lowest readings in six years,” the survey said.The regional survey is one of the first indicators of U.S. manufacturing every month and is often used as a guide to the health of factories nationwide. It covers eastern Pennsylvania, southern New Jersey, and Delaware.
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