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Philly Fed survey shows continued manufacturing growth

A machinist working at the Windle Mechanical Solutions manufacturing facility in Philadelphia, Pennsylvania.
Paul Taggart | Bloomberg | Getty Images
A machinist working at the Windle Mechanical Solutions manufacturing facility in Philadelphia, Pennsylvania.

A survey by the Philadelphia Federal Reserve on Thursday showed manufacturing activity continuing to show growth in October.

The survey's indicators for future manufacturing conditions fell from higher readings but continued to reflect general optimism about growth in activity and employment over the next six months.

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The Philadelphia Federal Reserve's business index came in at 20.7 in the month. The gauge had been expected to drop to 20.0 from the prior month's reading of 22.5.

Price pressures were reported to be nearly the same as last month: The prices paid index was nearly unchanged from September, at 27.6. More than 29 percent of the firms reported higher input prices.

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Prices received for manufactured goods were higher at 21 percent of the firms surveyed, up from 13 percent last month. The prices received index increased 12 points, to 20.8, its highest reading since April 2011.