HOUSTON, Nov. 15 (Xinhua) -- The November Manufacturing Business Outlook Survey indicated the manufacturing sector in some eastern U.S. states experienced slower growth, the Federal Reserve Bank of Philadelphia reported on Thursday.
The survey, conducted by the Federal Reserve Bank of Philadelphia, which is responsible for the Third District covering eastern Pennsylvania, southern New Jersey and Delaware, suggested that the region's manufacturing sector indicators fell from their readings last month.
The diffusion index for current general activity decreased from 22.2 in October to 12.9 this month. Nearly 35 percent of the manufacturers reported increases in overall activity this month, while 22 percent reported decreases.
However, the new orders index fell 10 points to 9.1.
The firms continued to report overall higher employment. Almost 25 percent of the responding firms reported increases in employment this month, while 8 percent of the firms reported decreases in employment. The current employment index remained positive but declined 3 points to 16.3. The current workweek index fell nearly 15 points to 6.3, its lowest reading in two years.
Over the next six months, over 42 percent of the firms expect increases in activity, while 15 percent expect declines. Firms continued to report increases in overall employment, and the survey's future indexes indicate that respondents continue to expect growth.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
The Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington D.C., make up the Federal Reserve System.