Details:
- New orders 33.0 vs 8.6 prior
- Shipments 34.0 vs 22.2 prior
- Unfilled orders -10.2 vs -4.7 prior
- Delivery times 1.7 vs 18.9 prior
- Inventories -1.9 vs 1.4 prior
- Prices paid 59.3 vs 44.7 prior
- Prices received 33.5 vs 21.2 prior
- Number of employees -5.1 vs 0.8 prior
- Average employee workweek 7.7 vs 2.8 prior
Six-months from now indicators:
- 6 month index 40.8 vs 40.0 prior
- Capex index 6-month forward 35.2 vs 25.8 prior
- New orders 45.7 vs 49.6 prior
- Shipments 40.8 vs 53.6 prior
- Unfilled orders -4.1 vs 15.3 prior
- Delivery times 2.7 vs -4.7 prior
- Inventories -0.7 vs 16.8 prior
- Prices paid 50.2 vs 53.7 prior
- Prices received 50.2 vs 38.4 prior
- Number of employees 35.9 vs 40.4 prior
- Average employee workweek 30.3 vs 24.1 prior
The survey’s indicators for general activity, new orders, and shipments all moved higher this month. However, the employment index fell and turned negative, suggesting overall declines in employment. Both price indexes rose for the second consecutive month. The firms continue to expect overall growth over the next six months, although most future indicators moved down.
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.
