Philadelphia Fed index outperforms NY Empire State survey in October

Two regional gauges of U.S. manufacturing sentiment moved in different directions in October, according to data released Thursday.

The Philadelphia Fed manufacturing index surged to a reading of 32.3 in October from 15 in September. Economists had expected a reading of 13.5.

The Empire State Index, meanwhile slowed to a reading of 10.5 in October from 17 in September, the New York Fed said. Economists had expected a reading of 14.5, according to Econoday.

Any reading above zero indicates improving conditions.

Manufacturing activity showed notable improvement in Philadelphia, with new orders and shipments showing notable gains.

In the New York region, activity grew modestly. New orders and shipments continued to increase while unfilled orders and inventories continued to decline. Optimism in New York fell 8 points to 32.8