Philadelphia Fed's regional economic gauge tops expectations

 http://www.philadelphiafed.org/research-and-data/regional-economy/business-outlook-survey/2012/bos1012.pdf

Firms responding to the October Business Outlook Survey reported a modest improvement in business activity this month. The survey’s indicators for general activity returned to positive territory, while new orders and shipments recorded levels near zero. But firms reported continuing declines in employment and hours worked. Indicators for the firms’ expectations over the next six months remained positive.

The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased 8 points, to 5.7 , marking the first positive reading since April.

Labor market conditions at the reporting firms remained weak this month. The current employment index dipped 3 points, to ‐10.7, its lowest reading since September 2009.

 Ok, let's see- current employment conditions down, new orders down, prices paid way up, prices received up less than that paid, 6 month outlook down. Yeah, this is a stellar report.