Manufacturing in Philly, New York regions shrinks
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WASHINGTON — Manufacturing shrank in the Philadelphia and New York regions this month, reflecting damage from Superstorm Sandy that disrupted area factories.
The Federal Reserve Bank of Philadelphia says its index of regional manufacturing activity declined to -10.7. That’s down from a reading of 5.7 in October, the first month of growth since April. The region includes New Jersey, which like New York was hit hardest by the storm.
A survey of conditions in the New York region was also negative. The Federal Reserve Bank of New York says its Empire State Manufacturing Index was -5.2, only slightly better than October.
Negative readings signal contraction. Positive readings show growth.
Manufacturing has slowed sharply since spring. Companies have scaled back purchases that signal investment plans, while slower global growth has hurt U.S. exports.