Manufacturing in Philadelphia region shrinks for a fifth straight month

WASHINGTON – Manufacturing in the Philadelphia region shrank for a fifth straight month in September, suggesting demand for American-made goods has weakened.

The Federal Reserve Bank of Philadelphia says its index of regional manufacturing activity had a reading of -1.9 in September.

That was slightly better than the August reading of -7.1 and a July reading of -12.9. Still, any reading below zero indicates contraction.

Nearly 23 per cent of firms in the region reported declines in activity in September. That’s down from 30 per cent in August. The region includes firms in Pennsylvania, Delaware and New Jersey.

U.S. manufacturing activity shrank in August for the third straight month, according to the closely watched national survey from the Institute for Supply Management. The contraction in the Philadelphia region suggests the broader picture hasn’t improved.