MW: Philly factory conditions deteriorate further in November
By Greg Robb
WASHINGTON (MarketWatch) - Manufacturing conditions in the Philadelphia region continued to deteriorate in November, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index fell to negative 39.3 in November from negative 37.5 in October. The index crashed last month from 3.8 in September. Readings below zero indicate contraction. The decline was not quite as bad as expected. Economists were expecting the index to slip to negative 40.0. The new orders index dropped to negative 31.4 from negative 30.5, while the shipments index remained unchanged at negative 18.8. Employment fell to negative 25.2 from negative 18.0. Inflationary pressures disappeared. The prices paid index dropped to negative 30.7 from 7.2.
