Philadelphia Manufacturing Index Shows Ongoing Weakness in Region's Factories
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The Philadelphia Fed's manufacturing index was -5.9 in November, indicating continued contraction in the region's manufacturing sector.
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This is the 16th negative reading in the past 18 months, showing a long-running trend of decline.
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The new orders and shipments indexes fell, pointing to decreasing demand and output.
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The 6-month business outlook turned negative for the first time since May.
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The report adds to evidence that the manufacturing sector nationwide remains weak, though may be stabilizing somewhat.