Two new economic outlook reports today from the Federal Reserve System. The Federal Reserve Bank of Philadelphia realeased its October Business Outlook Survey.
Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:
"Current indicators suggest that growth in the region's manufacturing sector is continuing. About 40 percent of the firms reported increases in general activity, new orders, and shipments in October. The indexes for prices paid and prices received remained high, although the index for prices received was slightly lower than last month. Although most indicators of current activity suggest improved business conditions, expectations for the next six months fell notably in October."
Meanwhile, the Chicago Fed National Activity Index for September also hit the streets. Although the index fell slightly in September, the August number was revised upward, and the report's headline reads "CFNAI points to continued economic expansion." Gotta love that good midwestern optimism.