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News Link • Economy - Economics USA

The Nightmare Details Behind The Ugly Philly Fed Miss

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Indicators Suggest Growth Stalled At End of Summer The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of ?7.7 in August to ?0.7 in September. The index, which has been negative for two consecutive months, suggests that growth has stalled over the last two months (see Chart). Indexes for new orders and shipments continued to indicate weakness this month: The new orders index fell 1point, remaining negative for the third consecutive month, and the shipments index decreased 3 points, remaining negative for the second consecutive month. Firms reported declines in inventories and unfilled orders and shorter delivery times.

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