Philadelphia Fed Manufacturing Index Surges to 41.4 in July, Highest Since November 2021, Led by New Orders
The Philadelphia Fed July manufacturing business outlook index jumped to 41.4, far exceeding the 12.5 estimate and reversing a gain to 10.3 in June. The reading marks the highest level for the gauge since November 2021.
Subcomponents showed broad strength, with new orders rising to 37 and shipments increasing to 33.7, while employment and the workweek also moved into expansion territory. Prices paid ticked up to 53.9. In related regional data, the Empire State manufacturing index advanced to 57.5, and the New York Fed reported a strengthened capital spending outlook, though respondents noted capital expenditure plans remain near historical averages.
From the sources (6 posts)
@lizannsondersPer respondents to the @NewYorkFed manufacturing survey, capex outlook strengthened in July but is still closer to midpoint/average relative to history
@lizannsondersAdjusted for ISM methodology, Empire Manufacturing Index rose sharply to 57.5 in July … firmly in expansion territory
@financialjuiceUS PHILLY FED BUSINESS INDEX ACTUAL 41.4 (FORECAST 12.5, PREVIOUS 10.3) $MACRO
@firstsquawkUS PHILADELPHIA FED BUSINESS OUTLOOK JUNE: 41.4 (EST 12.5; PREV 10.3)
@kevrgordonPhilly Fed Manufacturing Index came in quite strong in July ... healthy across the board with the workweek flipping back into expansion, new orders strengthening, and employment also ticking higher
@lizannsondersJuly @philadelphiafed Manufacturing Index up to +41.4 vs. +12.5 est. & +10.3 prior … highest headline reading since November 2021, with new orders surging to +37, shipments up to +33.7, and employment up to +10; prices paid edged a bit