Philly Fed Index Unexpectedly Indicates Faster Growth In September
September 21 2017 - 4:13AM
RTTF2
A report released by the Federal Reserve Bank of Philadelphia on
Thursday showed an unexpected improvement in regional manufacturing
conditions in the month of September.
The Philly Fed said its index for current manufacturing activity
rose to 23.8 in September from 18.9 in August, with a positive
reading indicating growth. Economists had expected the index to
drop to 17.2.
The unexpected increase by the Philly Fed Index partly reflected
notable accelerations in the pace of growth in new orders and
shipments.
The new orders index jumped to 29.5 in September from 20.4 in
August, while the shipments index surged up to 37.8 from 29.4.
Meanwhile, the report said the number of employees index fell to
6.6 in September from 10.1 in August, indicating a slowdown in the
pace of job growth.
The Philly Fed also said the prices paid index shot up to 34.4
in September from 21.1 in August, while the prices received index
climbed to 22.8 from 13.5.
Looking ahead, the survey's future indicators suggest that
manufacturers have generally grown more optimistic over the past
three months.
The diffusion index for future general activity advanced to 55.2
in September from 42.3 in August, reaching its highest reading
since March.
Last Friday, a separate report from the New York Fed showed
activity in the New York manufacturing sector saw a modest slowdown
in the pace of growth in September.
The New York Fed said its general business conditions index
edged down to 24.4 in September from 25.2 in August. The index had
been expected to drop to 19.0.
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