Philadelphia Manufacturing Shows Slight Improvement But Remains in Contraction in October
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Philadelphia Fed manufacturing index remained negative for 2nd straight month in October, improving slightly to -9.0.
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Subcomponents were stronger than headline number - new orders and shipments indexes rose.
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Employment index turned positive and prices increased.
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Some economists see signs of bottoming in manufacturing sector, but surveys remain volatile.
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Downside risks include softer demand and higher rates, upside risks include supply chain re-shoring and infrastructure projects.