News

Economic Report: Philadelphia Fed’s manufacturing gauge recovers in August

0

The numbers: The Philadelphia Federal Reserve said Thursday its gaugeof regional business activity rose to 6.2 in August from negative 12.3 in the prior month. Any reading above zero indicates improving conditions. 

Economists polled by the Wall Street Journal expected a negative 0.5 reading.

Key details: The index for new orders climbed 20 points but remained at negative 5.1 in August. The shipments index rose 10 points to 24.8.

Prices moderated for the fourth month but the index continues to indicate price increases.

On balance, firms reported an increase in employment.

Big picture: The Philadelphia Fed index is one of several regional manufacturing gauges that offer timely reads of the manufacturing sector.

Earlier this week, the similar Empire State survey released by the New York Fed showed manufacturing activity worsened significantly, with the business conditions index plunging 42.4 points to negative 31.1 in July, the fifth lowest reading on record.

Market reaction: Futures on U.S. stocks
DJIA,
-0.30%

SPX,
-0.14%

trimmed gains after the data was released.

The Ratings Game: Cisco earnings draw sigh of relief, but the demand debate continues

Previous article

The Moneyist: ‘I grew up an only child’: My father wants me to inherit the family home, but my late mother also had a son from her first marriage. Are we doing the right thing?

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News