- Previous was +1.3
- 6-month index +38.7 vs. +13.8 previously
- Capital +7.4 vs. +12.1 previously
- Employment: +15.2 vs. -2.5 previously
- New Orders: +20.7 vs. -2.2 previously
- Prices paid: +19.8 vs. +22.5 previously
- Received prices: +24.2 vs. +13.7 previously
- Shipments: +27.8 vs. -7.2 previously
- Unfulfilled Orders: +9.1 vs. +8.9 previously
- Delivery times: +8.5 vs. -9.4 previously
- Stocks: -9.4 vs. -6.4 previously
- Average employee work week: -1.6 vs. +4.8 previously
The Philadelphia Fed’s manufacturing report for July paints a brighter picture than in recent months, with activity expanding across most measures. The recovery in new orders and shipments is particularly encouraging. While inflation pressures persist, the rise in the future activity index suggests manufacturers are becoming more optimistic about growth.
However, this release was overshadowed by the initial jobless claims report released at the same time which showed a slight increase.
This article was written by Adam Bouton on www.forexlive.com.
