Manufacturing activity in the Philadelphia region continues to chug along as the Philadelphia Fed’s survey of manufacturing activity came in higher than expected for October rising to 27.9 compared to forecasts for a reading of 20. October’s reading represents the 15th straight month that manufacturing activity showed growth and is the strongest monthly reading since May. Looking at the chart below, the current period of consistent strength that we have seen has not been too common throughout the history’s survey.
The table below breaks down this month’s report by each of its subcomponents and the results were mixed. While New Orders, Shipments, Unfilled Orders, and Prices Received all declined, we saw monumental increases in Delivery Time and Number of Employees. Both of these components are currently at record high levels in the history of the survey dating back to 1980 (see charts below).