U.S. October Philadelphia Business Outlook Report (Text)

The following is the text of the Philadelphia area manufacturing activity from the Federal Reserve Bank of Philadelphia.

Firms responding to the October Business Outlook Survey reported a modest improvement in business activity this month. The survey’s indicators for general activity returned to positive territory, while new orders and shipments recorded levels near zero. But firms reported continuing declines in employment and hours worked. Indicators for the firms’ expectations over the next six months remained positive