Philadelphia Fed Significantly Above Forecasts

A survey of manufacturing in the Philadelphia Fed region came in significantly stronger than expected, with surging prices and a surprising jump in New Orders boosting the overall index to its highest since June. This is one of the few positive US economic indicators seen through recent trade, and may certainly calm concerns over the future of Industrial performance. Yet there remained some concerns among Philadelphia manufacturing firms, with the Number of Employees index falling from 21.2 in August to 7.5 in July. Though the index remains above-trend and signals employment expansion, the clear drop may cause worries among payroll-watchers.

All in all the number proves positive for regional expansion, but it remains to be seen whether markets will actually boost expectations for broader national growth.