Philly FED Manufacturing Index Jumps Higher Again This Month
Manufacturing has been suffering worldwide for 2 years, but it seems to be improving in the US so far this year
Manufacturing has been suffering worldwide in the last two years, mainly due to the trade war between US and China. Manufacturing was holding up well in the US until summer last year, but it started to weaken considerably back then and it fell in contraction for several months, until December.
But, we have seen some improvement this year, In January, the Philadelphia manufacturing index jumped higher from 0.3 points to 17 points and it jumped even higher today. Below is the report for this month:
- Philadelphia Fed business index for February 36.7 versus 11.0 estimated
- Prior month 17.0
- The index is the highest since February 2017
- Employment index 9.8 versus 19.3 last month
- Prices paid 16.4 versus 22.1 last month
- New orders 33.6 versus 18.2 last month
- Prices received 17.1 versus 14.7 last month
- Future index 45.4 versus 38.4 last month
- Shipments 25.2 versus 23.4 last month
- Unfilled orders 7.4 versus -3.7 last month
- Inventories 11.8 versus -2.3 last month
- Average workweek 10.3 versus 5.2 last month
The Philly manufacturing index was expected to weaken this month and fall to around 10 points, but it posted a strong improvement to 36.7 points. This is impressive and shows that manufacturing is improving in the US. The report leans more on the positive side, but there were some caveats, such as lower employment index and prices paid.
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