The Philadelphia Fed Manufacturing Business Outlook Survey showed the General Activity Index dropped 36 pts to -12.8 in October, its lowest since April, signaling a pullback in regional manufacturing momentum.

• Shipments fell 20 pts to 6.0, remaining positive but indicating weaker output growth compared with September.

• New Orders rose 6 pts to 18.2, marking a second straight monthly gain and suggesting firmer demand conditions.

• Employment edged down 1 pt to 4.6, showing slower but still positive job growth; 81% of firms reported no change in staffing.

• The Average Workweek Index eased to 12.8 (from 14.9), implying a slight reduction in hours worked.

• Prices Paid increased 3 pts to 49.2, and Prices Received rose 8 pts to 26.8, both staying above long-run averages and indicating continued price pressures.

• The Future General Activity Index climbed 5 pts to 36.2, with expectations for New Orders (+7 pts to 49.8) and Shipments (+17 pts to 48.4) both strengthening.

• Nearly 36% of firms plan to raise total capital expenditures next year, compared with 19% expecting declines, with spending increases most common in equipment and software.