Posted 12/21/2023, 1:46:00 PM
Philadelphia Region Manufacturing Declines Further in December but Outlook Improves
- Philadelphia Fed index fell to -10.5 in December from -5.9, indicating worsening conditions
- New orders and shipments indexes remained negative, at -25.6 and -10.8 respectively
- Six-month business outlook rose to 12.1, highest since July
- Declines align with continued weakness seen in other regional and national manufacturing gauges
- Economists see both downside and upside risks for factory sector in months ahead