Details:
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Employment: +9.7 vs +12.9 last month
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Prices paid: +46.9 vs +43.6 last month
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New orders: +14.4 vs +5.0 last month
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Shipments: vs +3.2 last month
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Unfilled orders: vs -6.2 last month
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Inventories: vs +6.5 last month
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Average workweek: vs +14.7 last month
Six-months from now indicators:
The Philly Fed is a solid look at manufacturing in the region but the entire US manufacturing sector is increasingly irrelevant in terms of national employment, GDP and markets. It represents something of a broader look at overall economic sentiment, so it still has some value but it’s rarely an FX market mover or anything else.
Separately, the import/export price indexes were released for November:
- Import prices +0.4% vs -0.1% expected (prior 0.0%)
- Import prices y/y vs +0.3% prior
- Export prices +0.5% vs +0.2% expected (prior was 0.0%)
There is some inflation hidden in these numbers and all of this is coming with oil prices at very low levels.
