The Philadelphia Fed's manufacturing survey in July surged to 19.8 from 12.5 in June, marking the highest level since March 2011, the regional bank said
Economists polled by MarketWatch expected a 10 reading
The shipments index rose to 14.3 in July from 4.1, though the new orders index softened to 10.2 from 16.6
6 comentarios:
WASHINGTON (MarketWatch) — Philadelphia-area manufacturers reported their most upbeat conditions in more than two years in July, in a reading that shows U.S. firms may be expanding in the second half despite headwinds from overseas and rising interest rates at home.
The Philadelphia Fed’s manufacturing survey in July surged to 19.8 from 12.5 in June, marking the highest level since March 2011, the regional bank said Thursday.
Economists polled by MarketWatch expected a 10 reading.
The shipments index rose to 14.3 in July from 4.1, though the new orders index softened to 10.2 from 16.6.
There was a big drawdown in inventories, as that index slumped to -21.6 from -6.6 in June. That could signal unexpected demand.
The employment index meanwhile climbed to 7.7 from negative 5.4, marking the first positive showing in four months, suggesting “employers are hiring additional workers to replace the inventory drawdown,” according to Gennadiy Goldberg of TD Securities.
The Philadelphia Fed index, by virtue of its long history dating back to 1968, is a volatile but still closely followed index. A similar poll by the New York Fed also accelerated in July, though to a 9.5 reading.
The gains did take analysts by surprise, as other economic statistics haven’t been as strong. For instance, the Conference Board on Thursday reported its leading economic index was unchanged in June.
Industrial output grew a paltry 0.6% on an annualized basis in the second quarter, the Federal Reserve reported.
Publicar un comentario