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philly fed
Economic Indicators
Sep 21, 2023
Bottom Line: The Philadelphia Fed's Manufacturing survey fell again, disappointing expectations after a surprise rebound last month. The bottoming process in the goods economy remains volatile. Nonetheless, there are signs of a slow turn in manufacturing after several quarters of...
Aug 17, 2023
Bottom Line: The Philadelphia Fed's Manufacturing survey was sharply higher than expected, rising to levels suggesting expansion for the first time in a year. New orders led the gains as shipments rose for the second time in three months. Nearly...
Jul 20, 2023
Bottom Line: The Philadelphia Fed's Manufacturing survey was lower than expected, firmly in contraction territory for the 13th month in the last 14. The details, including current new orders and shipments, were as weak as the headline. Input price pressures...
May 18, 2023
Bottom Line: The Philadelphia Fed's Manufacturing survey showed a smaller-than-expected contraction in activity. New orders and shipments continued to contract but at a slower pace than earlier this year. Prices paid remained firm, edging modestly higher. Employment fell for the...
Apr 20, 2023
Bottom Line: Countering the surprising strength in the New York Fed survey, the Philadelphia Fed's Manufacturing survey showed another sharp drop in activity. However, the details weren't quite as bad as the headline. New orders and shipments contracted at a...
Mar 16, 2023
Bottom Line: The New York Fed's Empire Manufacturing Index remained deeply in contraction territory in February as new orders continued to decline. Shipments were sharply lower, as were unfilled orders. Employment, which had been holding up in this sector and...
Feb 16, 2023
Bottom Line: The Philadelphia Fed's index of manufacturing activity fell sharply in February after rebounding in January. The details were not quite as negative as the headline, as the ISM-weighted index was only slightly negative with modest new order declines....
Jan 19, 2023
Bottom Line: The Philadelphia Fed's index of manufacturing activity rose for the first month in five in January, coming in better than expected. Moreover, there were positive revisions to earlier data. On an ISM-weighted basis, the index edged ever so...
Nov 17, 2022
Bottom Line: The Philadelphia Fed's index of manufacturing activity fell for the third month in a row in October, as new orders dropped sharply, declining for the sixth month. Shipments still rose slightly as manufacturers worked off backlogs. However, the...
Oct 20, 2022
Bottom Line: The Philadelphia Fed's index of manufacturing activity fell for the second month in a row in October, as new orders declined for the fifth month. Shipments still rose slightly as manufacturers worked off backlogs. However, the report continued...
Sep 15, 2022
Bottom Line: The Philadelphia Fed's and the New York Fed's surveys of manufacturing activity showed a contraction in September. While The Empire survey was better than expected, Philly disappointed expectations. While new orders rose slightly in the Empire survey, both...
Aug 18, 2022
Bottom Line: The Philadelphia Fed's index of manufacturing activity rose, coming in better than expected and much better than the New York Fed's survey. Shipments were stronger as manufacturers worked off backlogs. However, the report continued to suggest weakness going...
Jul 21, 2022
Bottom Line: The Philadelphia Fed's index of manufacturing activity fell sharply, dashing hopes that last month's deceleration was just normal volatility. Nearly every major subcomponent showed slowing activity, with the index in negative territory when recalculated on an ISM-weighted basis....
Jun 16, 2022
Bottom Line: The Philadelphia Fed's index of manufacturing activity fell more than expected in June. This follows a sharp decline in May and a decline in the neighboring Empire manufacturing survey reported earlier this week. The index fell into negative...
May 19, 2022
Bottom Line: The Philadelphia Fed's index of manufacturing activity fell more than expected in May, hitting its lowest level in two years. The details, though, were much better than the headline. The decline was led by a sharp drop in...