MW: Philly manufacturing activity deteriorates in Oct.
By Greg Robb
WASHINGTON (MarketWatch) - Conditions in the manufacturing sector in the Philadelphia region deteriorated significantly in October, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index fell to negative 37.5 in October from positive 3.8 in September. Readings below zero indicate contraction. The decline was much larger than expected. Economists were expecting the index to drop to negative 5.0. The new orders index dropped to negative 30.5 from 5.6, while the shipments index fell to negative 18.8 from 2.6. Inflationary pressures eased. The prices paid index dropped to 7.2 from 31.5.
