by Calculated Risk on 10/16/2014 12:56:00 PM

Earlier from the Philly Fed: October Manufacturing Survey

The diffusion index for current activity edged down from a reading of 22.5 to 20.7 this month ... The current shipments and employment indexes also declined but remained positive, while the current new orders index increased 2 points [to 17.3].
...
Although positive for the 16th consecutive month, the employment index decreased 9 points. [to 12.1] ...

The survey’s indicators for future manufacturing conditions fell from higher readings but continued to reflect general optimism about growth in activity and employment over the next six months.
emphasis added

This at the consensus forecast of a reading of 20.0 for October.

Click on graph for larger image.

Here is a graph comparing the regional Fed surveys and the ISM manufacturing index. The dashed green line is an average of the NY Fed (Empire State) and Philly Fed surveys through October. The ISM and total Fed surveys are through September.

The average of the Empire State and Philly Fed surveys declined in October, but still suggests another decent ISM report for October.