The September release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated improvement of the regions manufacturing activity with the current activity index rising to a level of 12.8 while assessments the future activity worsened slightly falling to a level of 37.5.

The above chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.