Philly Fed index improves in November, but survey details weak

Manufacturing sentiment in the US mid-Atlantic region improved moderately in November, the results of a closely-followed survey revealed.

However, the survey details were much weaker.

The Federal Reserve Bank of Philadelphia's headline manufacturing sector index improved from a reading of 5.6 for October to 10.4 in November (consensus: 7.0).

Yet the key sub-index for new orders placed with firms in the region fell from 26.2 to 8.4, alongside a drop in a gauge of staffing levels from 32.9 to 21.5.

Levels of unfilled orders also shrank, from 18.8 to 6.0, and the sub-index for the prices paid by firms from 16.8 to 7.8.

A sub-index linked to length of the average employee workweek also declined, from 10.8 to 5.2.