The Fed's Philadelphia branch said its September general economic index fell to 13.4 for this month from 28.5 in August. The index was expected to be 25, based on the median forecast of 56 economists surveyed by Bloomberg News. Readings above zero indicate expansion, and it has been in positive territory for the last 15 months.http://www.bloomberg.com/
There are signs of strength in the economy. Yesterday, the New York Fed said its index, which provides the first clues to manufacturing performance in the current month, surged to 28.34 - - more than the median reading of 20 that economists forecast in a Bloomberg News survey. Readings above zero indicate expansion. Manufacturing accounts for about 13 percent of the economy.
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