Philly Fed index improves by less than expected in October

The Federal Reserve Bank of Philadelphia's manufacturing sector index rose from a reading of -13.5 for September to -9.0 in October.

Economists had penciled in a print of -6.4.

A sub-index for new orders improved from -10.2 to 4.4, while that for delivery times continued to improve as reflected in the corresponding sub-index -14.9 to -21.4.

The sub-index for prices paid meanwhile dipped from 25.7 to 23.1.

That linked to the number of employees also rose, from -5.7 to 4.0.

-- More to follow --