Details:
- New orders 37.0 versus 27.3 last month
- Shipments 33.7 versus 14.9 last month
- Unfilled orders 18.1 versus 10.5 last month
- Delivery times 9.6 versus 10.8 last month
- Inventories 0.3 versus 23.0 last month
- Prices paid 53.9 versus 53.2 last month
- Prices received 27.4 versus 20.3 last month
- Number of employees 10.0 versus 7.9 last month
- Average employee workweek 14.0 versus -6.5 last month
Six-months from now indicators:
- 6 month index 34.4 vs 53.2 last month
- Capex index 6-month forward 30.1 versus 41.2 last month
- New orders 35.1 versus 60.8 last month
- Shipments 39.3 versus 60.3 last month
- Unfilled orders 20.9 versus 17.3 last month
- Delivery times 9.3 versus 2.5 last month
- Inventories 12.5 versus 10.0 last month
- Prices paid 56.7 versus 63.2 last month
- Prices received 41.4 versus 67.2 last month
- Number of employees 29.5 versus 30.8 last month
- Average employee workweek 12.0 versus 34.3 last month
Manufacturing activity in the region continued to expand overall. The survey’s indicators for general activity and new orders both rose this month to nearly five-year highs and the shipments index also increased. The employment index was positive for a second consecutive month and continued to suggest overall increases in employment. The prices paid index changed little this month, and the prices received index rose. The firms continue to expect overall growth over the next six months, although most future indicators moved down from elevated levels.
What is the Philly Fed Index?
The Philadelphia Fed Manufacturing Survey, also known as the Philly Fed Index, is one of the earliest monthly indicators of manufacturing sector health in the United States. Published by the Federal Reserve Bank of Philadelphia, it surveys manufacturers in the Third Federal Reserve District, covering eastern Pennsylvania, southern New Jersey, and Delaware. Readings above zero indicate expanding activity, while readings below zero signal contraction. The survey is closely watched by economists and market participants because it often serves as a leading indicator for the national ISM Manufacturing Index released later each month.
