The monthly report by the Federal Reserve Bank of Philadelphia shows another month of continued manufacturing improvement in the economy in the region that includes South Jersey, but at a slower pace than last month.Its Manufacturing Business Outlook Survey showed indexes for general activity, new orders and shipments were all positive, but they decreased from their readings last month.
According to the report, 37 percent of firms reported increases in activity this month, while 15 percent reported decreases.
Firms also reported an increase in manufacturing employment (27 percent) and work hours this month, as opposed to a decrease (8 percent.)
The general activity index decreased this month, with 53 percent of those surveyed expecting increases in activity over the next six months.
The indexes for future new orders and shipments also fell, decreasing 5 points and 10 points, respectively.
They survey said most of the broad indicators remained positive, although most fell this month, but this still suggests continued growth in the regions manufacturing sector. The employment index, which is continuously improving, was the only exception.