Philly Fed: Growth in manufacturing activity slowed in November

"The diffusion index for current general activity decreased from 22.2 in October to 12.9 in November, its lowest reading since August," the Federal Reserve Bank of Philadelphia said in its latest regional Manufacturing Business Outlook Survey.

Key quotes

• Nearly 35 percent of the manufacturers reported increases in overall activity this month, while 22 percent reported decreases.
• The new orders index decreased 10 points to 9.1, while the current shipments index decreased 3 points to 21.6.
• The firms reported an overall increase in inventories during November: After two months of negative readings, the inventories index increased 10 points to 9.5.
• The firms continued to report overall higher employment. 
• The prices received index decreased 2 points.