Philadelphia-area manufacturing activity unexpectedly contracted in the month of September, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its current general activity index slumped to a negative 9.9 in September from a positive 6.2 in August, with a negative reading indicating a contraction in regional manufacturing activity.
Economists had expected the Philly Fed index to drop to a positive 2.8.
Looking ahead, the Philly Fed said expectations for growth over the next six months were subdued, as the future general activity index improved but remained negative.
