Philadelphia Fed Manufacturing Index Rose to 5.7 From -1.9
By Shobhana Chandra - Oct 18, 2012 10:00 AM
The Federal Reserve Bank of Philadelphia’s general economic index rose to 5.7 in October from minus 1.9 in September. A reading of zero is the dividing line between expansion and contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware.
The median forecast of 61 economists surveyed by Bloomberg was for an increase to 1. Estimates ranged from minus 2.7 to 5.8.
Other reports today showed more Americans than forecast filed applications for unemployment benefits last week and consumer confidence rose to a six-month high.
Jobless claims increased by 46,000 to 388,000 in the week ended Oct. 13, reflecting an unwinding of adjustments for seasonal swings at the start of a quarter, from a revised 342,000 the prior period that was the lowest since February 2008, according to Labor Department data.
The Bloomberg Consumer Comfort Index rose to minus 34.8 in the week ended Oct. 14, the highest level since April, from minus 38.5 the previous week. The monthly expectations gauge improved to minus 7 in October, the best reading since May.
To contact the reporter on this story: Shobhana Chandra in Washington at schandra1@bloomberg.net
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