Philly Fed Index Pulls Back Off Five-Year High In September

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a smaller-than-expected pullback by its reading on regional manufacturing activity in the month of September. The Philly Fed said its diffusion index for current general activity fell to 37.8 in September after climbing to 47.4 in August, although a positive reading still indicates growth. Economists had expected the index to slump to 30.5 The pullback by the Philly Fed index came a month after it reached its highest level since hitting 48.8 in April 2021. The decrease by the headline index came amid a steep drop by the numbers of employees index, which plunged to 11.8 in September from 27.9 in August.