Philly Fed Index Tumbles Much More Than Expected In October

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a steep drop by its reading on regional manufacturing activity in the month of October.

The Philly Fed said its diffusion index for current general activity plunged to 20.9 in October from 37.8 in September, although a positive reading still indicates growth. Economists had expected the index to drop to 30.0.

Looking ahead, the Philly Fed said firms continued to expect overall growth over the next six months, but the diffusion index for future general activity tumbled to 33.0 in October from 52.9 in September.