Factory activity in the mid-Atlantic region slowed in November, dropping to its lowest since May, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index dropped to 6.5 in the latest month, from 19.8 in October. This month's figure was well below economist expectations for a reading of 15.0.
Despite the drop, the survey has been positive for six straight months. Any reading above zero indicates manufacturing expansion in the region, which includes factories in eastern Pennsylvania, southern New Jersey and Delaware.