Philly Fed Mfg Index: Activity Continues Decline in November

The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. While it focuses exclusively on business in this district, this regional survey gives a generally reliable clue as to the direction of the broader Chicago Fed's National Activity Index.

The latest Manufacturing Index came in at -19.4, down from last month's -8.7. The 3-month moving average came in at -8.6, down from last month. The Six-Month Outlook came in at -7.1, up from the previous month's -14.9. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion.

The -19.4headline number came in well below the -6.2 forecast at