News Summary: Philly manufacturing shrinks again

AP News
Posted: Sep 20, 2012 2:42 PM

STILL SHRINKING: Manufacturing in the Philadelphia region shrank for a fifth straight month in September, suggesting further weakening in demand for American-made goods.

THE NUMBERS: The Federal Reserve Bank of Philadelphia said its index of regional manufacturing had a reading of -1.9 in September. Any reading below zero indicates contraction.

THE CONTEXT: Manufacturing has slowed since spring. A weak job market and meager pay raises have hurt consumer spending, businesses are investing less in machinery and slower global growth has cut demand for U.S. exports.