Philadelphia Fed Index Rises in September

Philadelphia, PA, Sept. 15, 2011 -- Philadelphia area manufacturing continued to contract in September, according to the Philadelphia Fed's Business Outlook Survey.

The index increased from a  -30.7 in August to -17.5 in September.

Economists had anticipated a -13.4 reading for September. The index has been negative three of the last four months.

Firms' responses suggest a slight improvement in hiring this month compared with August.