02:33 PM EST, 11/21/2024 (MT Newswires) -- The manufacturing index for the US Mid-Atlantic region turned negative this month, while the Midwest contraction unexpectedly improved, surveys from the Federal Reserve Banks of Philadelphia and Kansas City showed Thursday.

The Manufacturing Business Outlook Survey's headline gauge for activity fell to minus 5.5 in November from 10.3 in October, according to the Philly Fed. A survey compiled by Bloomberg indicated a smaller sequential decline to 8.

Nearly 18% of firms in the Nov. 11-18 survey reported increases in general activity, down from October, while 23% reported decreases, rising from last month. "Manufacturing activity in the region softened overall," the Fed branch wrote.

The metric charting new orders slid to 8.9 in November from 14.2 the month prior while shipments ticked down to 4.5 from 7.4. The employment gauge swung positive at 8.6 from minus 2.2 in October. The prices paid and prices received gauges both dipped.

Six months out, expectations for general activity jumped to 56.6 in November, the highest level since June

2021, from 36.7 in October. The future new orders component surged to 66.2 from 40.1 month to month. The forward-looking shipments index climbed to 52.1 this month from 45.8 in October. Employment expectations also improved.

The Kansas City Fed's composite manufacturing index edged up to minus 2 this month from minus 4 in October. The consensus was for the contraction to widen to a minus 5 print, according to a Bloomberg survey. Nondurable goods manufacturing decreased modestly amid lower paper and petroleum products activity, while the durable goods segment was flat, the report showed.

The production index declined to minus 4 from October's flat reading while shipments declined to a zero reading in November from 7 the month prior. The index charting new orders dipped to minus 9 from minus 5, the Kansas City Fed's data showed.

Six months out, the seasonally adjusted composite index edged up to 11 in November from 7 in October. The future production index dipped, while shipments ticked up. The forward-looking indicator of new orders increased four points to 18.