- Prior was +26.7
Details:
- New orders -1.7 vs 33.0 prior
- Shipments 4.9 vs 34.0 prior
- Unfilled orders -2.5 vs -10.2 prior
- Delivery times -10.4 vs 1.7 prior
- Inventories 6.6 vs -1.9 prior
- Prices paid 47.9 vs 59.3 prior
- Prices received 26.3 vs 33.5 prior
- Number of employees -2.8 vs -5.1 prior
- Average employee workweek 1.2 vs 7.7 prior
Six-months from now indicators:
- 6 month index 53.2 vs 40.8 prior
- Capex index 6-month forward 30.9 vs 35.2 prior
- New orders 53.5 vs 45.7 prior
- Shipments 45.7 vs 40.8 prior
- Unfilled orders 19.2 vs -4.1 prior
- Delivery times 1.0 vs 2.7 prior
- Inventories 11.8 vs -0.7 prior
- Prices paid 70.0 vs 50.2 prior
- Prices received 60.5 vs 50.2 prior
- Number of employees 31.7 vs 35.9 prior
- Average employee workweek 18.4 vs 30.3 prior
Manufacturing activity in the region weakened overall. The survey’s indicators for general activity, new orders, and shipments all fell sharply this month. The employment index ticked up but remained negative, continuing to suggest overall declines in employment. Both price indexes declined this month but remained elevated. The firms continue to expect overall growth over the next six months, and most future indicators rose this month from already elevated readings.
What is the Philly Fed Index?
The Philadelphia Fed Manufacturing Survey, also known as the Philly Fed Index, is one of the earliest monthly indicators of manufacturing sector health in the United States. Published by the Federal Reserve Bank of Philadelphia, it surveys manufacturers in the Third Federal Reserve District, covering eastern Pennsylvania, southern New Jersey, and Delaware. Readings above zero indicate expanding activity, while readings below zero signal contraction. The survey is closely watched by economists and market participants because it often serves as a leading indicator for the national ISM Manufacturing Index released later each month.
This article was written by Giuseppe Dellamotta at investinglive.com.