• Shutdown Held Back Factory Growth In Philly Region

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    WASHINGTON (AP) — A survey shows manufacturing activity in the Philadelphia region slowed this month, further evidence that the 16-day partial government shutdown weighed on the economy.

    The Federal Reserve Bank of Philadelphia says its index of regional manufacturing activity slowed to 19.8 in October, down from a September reading of 22.3.

    The slightly weaker reading followed a report Tuesday that factory growth in the New York region declined this month, according to the New York Fed’s Empire State manufacturing index. The drop in activity in the New York region was also blamed in part on the shutdown.

    The government reopened on Thursday. Federal workers are reporting back to work now that Congress passed a temporary spending bill and lifted the government’s borrowing limit.

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    Deal Reached To Avoid Federal Default And Open Government

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    Originally seen on http://newsone.com/

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