- Prior was +37.8
Details:
- New orders 4.3 versus 29.2 last month
- Shipments 15.3 versus 27.7 last month
- Unfilled orders 2.4 versus 20.4 last month
- Delivery times 8.5 versus 26.5 last month
- Inventories -12.8 versus -12.5 last month
- Prices paid 43.2 versus 48.6 last month
- Prices received 40.1 versus 31.3 last month
- Number of employees 9.1 versus 11.8 last month
- Average employee workweek 7.5 versus 18.0 last month
Six-months from now indicators:
- 6 month index 33.0 vs 52.9 last month
- Capex index 6-month forward 34.9 versus 37.1 last month
- New orders 37.0 versus 62.3 last month
- Shipments 35.2 versus 61.1 last month
- Unfilled orders -1.6 versus 16.8 last month
- Delivery times -7.5 versus 18.6 last month
- Inventories 23.4 versus 11.6 last month
- Prices paid 62.9 versus 71.3 last month
- Prices received 62.1 versus 72.3 last month
- Number of employees 30.1 versus 50.6 last month
- Average employee workweek 10.1 versus 31.8 last month
Manufacturing activity in the region continued to expand overall. The survey’s indicators for general activity, new orders, and shipments all declined but remained positive this month. The employment index edged down but continued to suggest overall increases in employment. The prices paid index moved down, while the prices received index moved higher this month; both continued to indicate overall increases in prices. The firms continued to expect overall growth over the next six months, but most future indicators declined.
The Philly Fed index is generally the one more correlated with the ISM manufacturing PMI, despite being more volatile. There’s clearly a deceleration in economic activity in this data, although the index remains positive.
Despite the much higher than expected PPI released at the same time, the 10-year Treasury yield is down and the yield curve is flattening faster. I feel like the market is starting to worry about growth…
This article was written by Giuseppe Dellamotta at investinglive.com.