Philadelphia-area manufacturing activity contracted at a slower rate in the month of October, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity climbed to a negative 9.0 in October from a negative 13.5 in September, although a negative reading still indicates contraction. Economists had expected the index to increase to a negative 6.6.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.