The Philadelphia Federal Reserve Bank said the bank's mid-Atlantic manufacturing index showed ongoing business growth in October.
The business index for the month "edged down," the Fed said, dropping from 22.3 to 19.8, which keeps the figure positive, an indication that businesses are expanding.
In the October survey, 36 percent of respondents indicated their business was growing, while 16 percent indicated their business was shrinking, the Fed said.
The new orders index rose sharply, climbing from 6 points to 27.5, its highest reading since March 2011. Shipments "continued to expand," the Fed said, the index for shipping falling, however, from 21.4 to 20.4 following a 22-point climb in September.
The current employment index reached its highest level since March 2011, climbing 5 points to 15.4. In the survey, 23 percent of respondents indicated they were hiring, while 8 percent indicated they were letting workers go, the Fed said.
Copyright 2013 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Original headline: Mid-Atlantic firms report ongoing growth in October
Most Popular Stories
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Chinese May Have Spotted Malaysia Airlines Debris
- Social Media Causee Sleep Deprivation in Students
- First-time Jobless Claims Drop Unexpectedly
- Banks Buying Little From Minority Firms: Study
- General Electric Plans IPO of Credit Card Unit
- SXSW Crash Kills 2, Injures 23
- U.S. Business Inventories Up, Retail Sales Down
- 'Candy Crush' Maker Files IPO
- First-time U.S. Jobless Claims Hit 3-month Low