FYI: After a significantly weaker than expected Empire Manufacturing report on Wednesday, today's regional manufacturing report from the Philadelphia Fed showed a modest decline, but still managed to exceed expectations. While economists were expecting a level of 19.8, the actual reading came in at 20.7, down from last month's level of 22.5. As shown in the chart, this indicator still remains near its highs of the recovery.
Regards,
Ted
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