Philly Fed manufacturing index surges to 10.3 in October

The Philadelphia Federal Reserve's manufacturing index surged to 10.3 in October, a marked increase when compared to the previous month's reading of 1.7 and significantly ahead of expectations for a print of 3.

Current general activity, new orders, and shipments all grew in October, with new orders and shipments returning to positive levels. Future growth expectations for the next six months also improved, hinting at widespread optimism.

However, the employment index decreased, pointing to stable employment conditions, while price indexes slightly decreased but still pointed to overall price increases.

Reporting by Iain Gilbert at Sharecast.com