Growth in Philadelphia’s manufacturing sector has stalled for the last two months: Regional companies reported a drop in new orders and shipments, according to the Philadelphia Federal Reserve’s monthly Business Outlook Survey.
Though employment levels remained steady for September, firms saw a drop in average work hours. The percentage of firms reporting an increase in employment — 18 percent — narrowly edged out the percentage reporting decreases: 16 percent. The survey’s broad indicators of future activity continue to suggest that the region’s manufacturing executives expect growth in business over the next six months, but optimism remains below levels earlier in the year.
Read more at the Philadelphia Business Journal