Philly Fed's latest manufacturing report came in light.
The report's diffusion index came in at 22.5, just below expectations.
Expectations were for the report's general activity index to fall to 23.0 from 28.0 August.
August's report soundly beat expectations, coming at 28.0 against expectations for 19.7.
Thursday's report showed that most of the survey's indicators of future growth, including new orders and general activity, decreased from multi-decade highs reach last month.
However, the report's indicators for labor market conditions suggest notable improvement this month, with the employment index increasing 12 points to its highest reading since May 2011.
August's report also showed that indicators of future growth were at their highest level since June 1992.
This chart from the Philly Fed shows the current and future activity indexes.
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