Philly Fed: Manufacturing Index jumps to 22.9 in September from 11.9 in August

"Regional manufacturing activity continued to grow in September, according to results from this month’s Manufacturing Business Outlook Survey," the Federal Reserve Bank of Philadelphia reported on Thursday. 

Key takeaways from the press release

• The diffusion index for current general activity increased 11 points this month to 22.9, returning the index to near its average reading for 2018.
• Over 38 percent of the manufacturers reported increases in overall activity this month, while 15 percent reported decreases.
• The new orders index increased 12 points to 21.4. This month, 42 percent of the firms reported an increase in new orders, up from 34 percent in August.
• The current shipments index also improved, increasing 3 points to 19.6.
• The current inventories index fell 19 points this month and recorded its first negative reading in seven months.
• The current employment index increased 3 points to 17.6.